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50 Cards in this Set
- Front
- Back
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What are the characteristics of a market economy |
An economic system in which economic decisions and the pricing of goods and service are guided solely by the aggregate interactions of a countries individual citizen and businesses. There is little intervention or central planning |
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What are the characteristics of a mixed economy |
An economic system in which both individuals and the government produce and sells goods |
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What are the principles of supply and demand |
Supply refers to how much a product is available. Demand refers to how much people want the product.
The price of the product varies based on supply and demand |
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Describe the characteristics of the economic cycles |
Market economies regularly go through cycles of growth and decline. Expansion in many economic activities results in period of prosperity. This eventually is followed by a slow down in the economy called recession. If the slowdown is longer and more severe, it's called a depression. Recovery is when the economy begins to grow again. |
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What role did overproduction play in bringing about the Great Depression |
More goods were being produced than were being sold. Manufacturers began to cut back on the goods they were producing. This decrease led to layoffs in factories, which meant less income for families, and less spending of consumer goods. |
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What characteristics of Canada's economy made the country vulnerable to international economic conditions |
The Great Depression exposed major weakness in the Canadian economy: its heavy dependence on the export of primary resources. 2 exports in particular - wheat from the prairie provinces and newsprint from British Columbia, Ontario, Quebec, made Canada extremely vulnerable to changes in the world market |
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Why was Canada vulnerable to economic conditions in the United States |
Canada's economy was hit particularly hard because of its close ties with the US economy. The US became Canada's biggest trading partner and largest investor. So when the US economy "crashed", Canada's economy was bound to feel the effect too |
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Explain the policy of protectionism and how it further affected Canada's economy |
Protectionism is a system of using tariffs to raise the price of imported goods in order to protect specific producers. The US imposed high tariffs on foreign goods. This led to other countries to impose that own tariffs. Tariffs the caused a slow down in the world trade as opportunities for export shrank |
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Explain the term "riding the rails". To who did this term mainly refer |
This referred to unemployed men hopping freight trains and travelling across the country looking for work. After "riding the rails", these men would stay a few days in shanty areas called "jungles" |
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What segments of Canada's population suffered particularly worse during the Depression |
Women, Aboriginals, the Chinese in Vancouver, immigrants |
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What segments of Canada's population was particularly targeted with hostility during the Depression |
Immigrants were viewed with hostility when they competed for scarce jobs. Jews were specifically targeted, and suffered from anti-semitism |
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How did the Depression affect the role of women in Canada |
For women, there were few jobs other than domestic work, which only paid a few dollars a week. women were accused to have contributed to the depression, as many women were employed during WWI. Many women who did have jobs were forced into unwanted retirement and married women were fired from their jobs |
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What was WLM King's response to the call for Government assistance during the early years of the depression |
Prime Minister King did not see the severity of the depression. He believed that the situation was temporary, and in time, the economy would recover. |
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Who did King feel should be responsible for providing financial solutions to the problems being experienced |
When desperate Canadians turn to the federal government for financial help, King told them that this was the responsibility of the municipal and provincial governments and the federal government had nothing to do with it |
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What Comment did King make in response to conservative criticism of his policies and what was the response to that comment |
Prime Minister King said that he would not give a "five cent piece "to a conservative provincial government. King never lived down those impulsive remark. The Conservatives use his statement to build support during the 1930 election campaign. King lost to Richard Bedfort Bennett and his Conservative majority government |
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What was RB Bennett's plan for dealing with the Depression and how effective was that plan |
His government gave the provinces $20 million for work-creation programs. The economy did not improve. He also used tariffs to protect Canadian industries, and in the end it did more harm than good. The Prairie Farm Rehabilitation Act was introduced in 1935 to help farmers build irrigation systems and reservoirs |
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How did Canadians react to Bennett's leadership. |
As the situation in Canada grew worse, Bennett became a target for people's anger and frustration. |
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Explain what work camps (also known as relief camps) were, why were they established, what work was done in them, the pay, and the living conditions |
Where camps were created for the unemployed, single man, because the government feared that these men would come under the influence of the Communist Party. The men work on projects such as building roads, clearing land , and digging drainage ditches. They were pay $.20 a day and given room and board. Food was terrible, and the banks are often bug infested. |
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What role did international debt from World War I play in furthering the Great Depression |
Germany was unable to meet its financial obligations under the 1919 peace agreement. After World War I Germany's economy was in ruins. France and Britain relied on the German reparations to pay back their own war debts to the US, and when Germany was unable to pay these reparations, France and Britain could not pay their own war debts too |
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What was the On-to-Ottawa Trek |
A 1935 rail trip from Vancouver to Ottawa (stopped in Regina) by unemployed men to protest conditions at employment relief camps |
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Who was involved in the On-to-Ottawa Trek |
The men's in the camps, their unions (Their Relief Camp Workers Union) |
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When and where did the On-to-Ottawa trek take place |
The men left their camps in interior BC and took their complained to Ottawa; 1935. They hopped into freight cars, and they rode through the prairies |
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What was the governments response to the trek |
Bennett attacked the leaders as radical and troublemakers. The RCMP were ordered to intervene, and many were arrested during the strike. |
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What was the cause of the Vancouver protest of 1937? What was unique about it? |
The federal government closed relief camps in 1937 and the provincial government reduce relief payments, many men were left destitute. The men would protest by conducting sit-ins, where they would sit in various buildings and refuse to leave |
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What was the New Deal in the US? What were some of its features |
In 1933, US President Franklin Roosevelt introduced a "new deal" that created numerous public work programs for the unemployed and the farmers. He also introduced to Social Security act (Old age pension, unemployment insurance, financial assistance for mothers and children, etc.) |
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What were the characteristics of RP Bennett's new deal and what was the response to it |
Bennett promised Canadians fairer tax system, unemployment insurance, workplace reform, revised old age pension, and support for farmers. Many voters regarded Bennett's change in policy as a desperate attempt to win more votes and not as a shift in his view of the role of government in the economy. |
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What was the CBC ; When why was it established |
CBC was established on November 2, 1936. It was created by an act of Parliament, it was created to win over the Canadian listeners |
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What was the CCF? When was it formed? Who was the leader? |
CCF is the Cooperative Commonwealth Federation. It was formed in the west in 1932 and was led by J.S. Woodsworth |
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Who generally belonged to the CCF party and what did they believe
What was the CCF party's platform |
It appealed to Canadians who were dissatisfied with the governments response to the depression; farmers, laborers, socialist, intellectuals, and discontented liberals. Supported public ownership of key industries and supported social programs to assist people in need of money
The Regina Manifesto |
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What is meant by the term, buying on margin and what is another term for it |
During the 1920s, many investors for buying "on margins". This meant buying shares with only a 10% down payment, assuming that when the prices of the stock Increased the remaining 90% would be paid. This process is called speculation |
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Who was the social credits party leader? When and where did the party emerge.
What did the social credit party call for |
In emerged in 1935 in Alberta, led my William Aberhart
They believe that capitalism was a waste for economic system. They felt that the government should release money into the economy so that people could spend it |
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What was the Union Nationale's leader? And who were their supporters |
Established in 1936 by Maurice Duplessis, a former conservative. It was a nationalistic French-Canadian party that relied upon the support of French-Canadians, the Roman Catholic Church, and rural voters |
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What was the Union Nationale platform |
Duplessis blamed many of Quebec's social and economic problems on the English minority in Quebec, which controlled the provinces economy. From an economic and social standpoint, Duplessis' Union Naionale implemented laissez-fairs polices, especially on natural resource development and hydroelectricity |
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Who was Mitch Hepburn and what did he do |
Mitch Hepburn was the liberal leader in 1934. He failed against big businesses and was fond of flamboyant gestures. At the heart he was a conservative, and did little for the unemployed |
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What was the Dufferin Pattullo and what did he do |
Dufferin Pattullo, A liberal, was elected in 1933 as a BC premiere. He promised voters a "little new deal" based on the new deal in the US. He introduced reforms shorten workdays, increase the minimum wage, and increased relief payments by 20%. His projects were short-lived however |
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How did voters respond to the Bennett government in 1935?
What was the national employment commission and when was it established? |
Find 1935, voters were fed up with Bennett's inability to deal with the crisis of the depression. In the federal elections , they return Mackenzie King to power.
A commission set up to examine the state of unemployment in Canada. Established in 1936 |
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What did the national employment commission recommend and what was the response to the recommendations |
They found that unemployment was a national problem, and it recommended the federal government spent millions of dollars on job creations and training programs. King ended up spending only a fraction of what was recommended |
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What was the Rowell-Sirois Report? How did it come about and what were its recommendations |
Another Royal commission created by King in 1937. It was created to examine the thorny issue of federal – provincial relations. They recommended that the federal government had more control over taxation. Also recommended that the federal government bear the responsibility of an unemployment insurance and other benefits for example pensions |
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Explain "equalization payments" |
In regards to the Rowell-Sirois Commission- the Federal government would give power poorer provinces grant (equalization payments) to ensure that ever province was able to offer its citizens the same level of services |
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What was the response among provinces to the Rowell-Sirios Report |
The wealthier provinces did not like the idea as they did nit want their tax dollars going to other provinces. The provinces also felt that many of the Commission's recommendations would mean a loss of provincial power |
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What was black Tuesday and how did it happen? What was the connection between black Tuesday and people buying on margin? What were the results |
Black Tuesdays refers to October 29, 1929. When the New York stock market crashed; often cited as the beginning of the great depression.
With buying on margins, loans for stock was easy to obtain, and the rush to get rich quickly had driven the price of stocks up beyond their real values when some sellers started selling their stocks in cash on high profits. Other investors followed their lead, sellers panicked as the value of stock fell dramatically, on Black Tuesday |
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Given what you know about the causes of the Great Depression and what made the depression worse, why would Germany have been so negatively affected by these events |
One of the main causes was Germany's inability to pay for reparations. In order to make this reparations, The German government had began printing large amounts of money in the early 1920s. As a result, the value of the German current sea declined and inflation spiraled. Furthermore, the hostility against Jews looking for work for were shared between some Canadians and some Germans |
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Explain how the depression affected the Canadian governments ability to collect taxes |
As the depression deepened, more and more factories had to close their doors and people lose their jobs. Only about 300,000 people earned enough money to pay income tax in 1939. Married people earned more than $2000 and single people earning more than $1000 paid tax |
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Explain the term Pogey and describe what it entailed |
It is the relief payments by a government, sometimes in the form of vouchers for food and other essentials. They were given to those who didn't have an alternative source of income. Getting relief was not easy. This entailed needing to in wait in for hours and publicly declare their financial failure. This encouraged people to loom for jobs rather than depend on the payment |
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Explain why the depression actually led to an improvement in living standard for some |
While the majority of people suffered during the Depression, wealthy Canadians with secure jobs noticed a little change. As deflation led to falling prices, money was worth more and living conditions for those with secure jobs improved |
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What farming practiced led to natural disaster and economic hardship on the prairies |
The collapse of wheat market left families struggling to survive. Also, the prairies were hit by a drought that started in 1927 and lasted almost 8 years |
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What other natural disaster took place in the prairies and how did all these affect farmers |
The drought and constant sand Storms that blew hectares of fertile topsoil away, and a plague of grasshoppers that stalled trains and busses and clogged car radiators. The insects effectively wiped out any crops that farmers on the prairies managed to grow during the drought |
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What percentage of Canada's population was unemployed in 1933 |
More than 1/4 of Canada's workforce was unemployed |
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How did the Great Depression affect Japan and what steps did that country take to offset those affects |
After the First World War, Japan developed a strong manufacturing industry and the tariff barriers and decline of international trade greatly affected Japan. To deal with this Japan adopted Keynesian economics and put into an aggressive plan to expand its territory by invading China's northern province of Manchuria in 1931 |
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Do you extent what's the Soviet union affected by the great depression? Why would this have been the cause |
With Hitler's action, it was likely that the Soviet union would regard Germany's actions as a threat and would declare war. In 1939, Hitler concluded and non-aggression pact with Joseph Stalin, the leader of the Soviet Union |
