PRESENTATION OUTLINE
About the Great Depression
The Great Depression started on August 1929. It ended on March 1933. It was the greatest and most longest economic recession in the modern world history. It also became to be known as the “Dirty Thirties”. The worldwide trade was devastated, a few countries were also affected. It led the government to take a more activist role in the economy.
Farms and Homes
Millions of Canadian’s were left hungry and homeless. About 750 000 farms were lost to bankruptcy or distressed sales.Widespread loses of jobs and savings transformed the country. Grasshoppers and hailstorms caused huge crop failure.
Impact on Population
Ontario and Quebec experienced heavy unemployment. Wages dropped throughout the 1930’s.Canada dropped from 169 000 in 1929 to fewer than 12 000 by 1938.
Causes of the Great Depression
In Canada the changes were dramatic. 30 per cent of the labour force was out of work. It remained about 12 per cent until the start of the Second World War in 1939. The country’s Gross National Expenditure between 1929 and 1933 fell by 42 per cent.
Important Words
1. Dust bowl
2. Gross National Expenditure
3. Bankruptcy
4. Economy
5. Recession
Dust Bowl
The Dust Bowl of the 1930s sometimes referred to as the “Dirty Thirties”, lasted about a decade. This was a period of severe dust storms that caused major agricultural damage to American and Canadian prairie lands, primarily from 1930 to 1936, but in some areas, until 1940.
Gross National Expenditure
The Gross National Expenditure is the total value of all finished goods and services produced by a country's citizens in a given financial year, irrespective of their location. GNP also measures the output generated by a country's businesses located domestically or abroad.
Bankruptcy
Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor's assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt.
Economy
An economy is the large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated. The production, consumption, and distribution of goods and services are used to fulfill the needs of those living and operating within the economy, which is also referred to as an economic system.
Recession
A recession is a period of declining economic performance across an entire economy that lasts for several months.
Businesses, investors, and government officials track various economic indicators that can help predict or confirm the onset of recession.
