PRESENTATION OUTLINE
Explain what happened on October 24th, 1929. -The Wall Street crashed which marked the beginning of the Great Depression.
How did the "crash" affect businesses?
- People started losing homes.
- Unemployment rates increased by 25%
- Taxes increased by 50%
- Money supply decreased by 31%
- Small family businesses were closed due to the lack of consumer spending.
How did this economic decline affect jobs and wages? What did the Unemployment rate jump to?
-People started losing jobs and wages were decreased dramatically. Unemployment rate increased to 25%.
What were Shantytowns comprised of?
-The houses were made of cheap cement and metal which were easy to breakdown. The people living in it were the people who couldn't survive the Great Depression. For example, people who lost their jobs.
What Farm and Public Works programs were put in place to create jobs for Americans during The Great Depression?
-The Resettlement Administration (RA), the Rural Electrification Administration (REA), rural welfare projects sponsored by the WPA, National Youth Administration (NYA), Forest Service and Civilian Conservation Corps (CCC) were created to help create jobs and provide support for the Americans, especially for the South.
Explain Keynesian Economics.
-The key term was coined by John Maynard. It basically explains that private sector sometimes is not efficient and therefore requires government intervention through monetary and fiscal policy to stabilize the economy or economic output over a business cycle.
