Warm-up: 1.How did Henry Ford impact production in the US? 2.What would happen if people saved more than they spent? 3.Spent more than they saved?

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Presentation transcript:

Warm-up: 1.How did Henry Ford impact production in the US? 2.What would happen if people saved more than they spent? 3.Spent more than they saved?

Get. Money. When I say “go”: turn to someone next to you and share some ways that can earn you money. When I say “go”: turn to someone next to you and share why someone might go broke, or lose money.

The Great Depression

Cash Rules Everything Around Me Economics – The production, consumption and transfer of wealth – Many different perspectives on how wealth is created, grown, and lost

Quick Jot: Many Money Problems Who in the country should know how an economy works? Why?

The Great Depression 1929-early 1940s The single greatest worldwide economic downturn in history. 25% unemployment rate in the USA 50% of banks failed

Yeah, but, so What? HISTORY Why should we study the Great Depression?

“The Great Recession” Today ?? Second greatest economic downturn in US History. Fear of entering into a second major depression(?)

Today vs. the Depression

Part 1 of Guidesheet

Before the crash The Stock Market The stock market was steadily climbing throughout the 1920s Many investors bought stocks with loans, confident that they could repay the loan and make a profit after the stock price went up

Cracks in the System Eventually, the stock market ran out of new investors and prices stopped rising Professional investors saw this coming and began selling their stocks The stock market started declining so even more people started selling which lowered prices even more…(and so on and so on) Investors loans were being called in and they couldn’t afford to pay them back

The Crash! October 29th, 1929 saw the biggest one-day drop in stock market history. It is known as Black Tuesday About $30 billion were lost over the next two weeks (roughly equal to the total wages earned by all Americans in 1929)

Part 2 of Guidesheet

After the crash ALL Americans stopped buying new things out of fear, lack of money, or both Created a cycle of economic downturn Americans were unable to pay for items they bought on credit so companies would repossess them Unemployed move into “Hoovervilles”, or shanty-towns, named after US President Herbet Hoover

Cycle of Depression Reduced spending Less jobs Higher unemployment Reduced production

Part 3 of Guidesheet

The New Deal Economist John Maynard Keynes offers solution to the cycle of depression: Government spending Franklin Delano Roosevelt is elected president and implements the New Deal This program increases government spending in the USA.

Recovery… Slowly but surely, the US recovers.

Today. We study the Great Depression to avoid a repeat Quick Jot: In what ways has the US today experienced similarities to the Great Depression? Differences?