Economy
Economic Changes in the 20th century
1900-Country changed from a rural focused economy to an urban one, the gold standard was ratified
1905-Post-Gilded Age, many immigrants moved to America
1907-The Panic of 1907 also known as the Knickerbocker Crisis
1913-The Federal Reserve Act is created, the16th amendment is ratified allowing federal government to collect income tax
1919-World War I, boosted employment rates in America, prohibition
1920-The Roaring Twenties, the economy experienced much prosperity after the war
1929-Stock market crashed on black Tuesday, ushering in the Great Depression
1933-The Great Depression, the worst economic disaster in American history, the national gold standard is abandoned
1939-A continuation of the Great Depression and the start of World War II
1941-America enters World War II and the War begins to boost the economy
1950-The economy began to bounce back
1969-America was doing well, NASA landed the first man on the moon
1971-Nixon Announced that the United States would no longer redeem currency for gold
1975-The Vietnam War ended and because of it there arose energy shortages, high inflation, and high unemployment
1978-The federal government limited its regulations on industries
1983-Goldilocks economy, the country hit a long expansion which lasted until the end of the decade because of a brief recession
1987-The stock market crashed
1995-An improved American economy
1999-A booming American economy which exceeded expectations for economic growth, also Y2K was dreaded
Expanded Information on the Timeline
1900
1905
1907
1913
1919
1920
1929
1933
1939
1941
1950
1969
1971
1975
1978
1983
1987
1995
1999
More Information about economy please!!
What does that even mean!?
Aggregate Demand-The total demand for goods and services in an economy at a specified price level
and in a specified time period
Aggregate Supply-The total supply of goods and services produced by a national economy in a specified time period, at a specified price level
Bank Run-When a large number of depositors, fearing that their bank will be unable to repay their deposits in full and on time, simultaneously try to withdraw their funds immediately
Capitalism-Economic system in which private citizens own and use the factors of production in order to generate profits
Consumer Price Index-Statistic that measures overall changes in price or inflation over time
Consumer Sovereignty-The concept that the consumer is the ruler of the market
Deficit-The amount by which a sum of money falls short of the required amount
Demand-Desire, ability, and willingness to buy a product
Depression-A state of the economy with large numbers of unemployment, supply shortages, and excess capacity in manufacturing plants
Deregulation-Relaxation of government regulation on industry
DOW Jones Industrial Average-Indicator of the overall condition of the stock market.
Elasticity-A measure of responsiveness that tells us how a dependent variable such as quantity responds to an independent variable such as price
Federal Reserve System-Privately owned, publicly controlled, central bank of the United States
Gold Standard-A monetary standard under which the basic unit of currency is equal in value to and exchangeable for a specified amount of gold
Gross Domestic Product(GDP)-The dollar amount of all final goods and services produced within a country's borders in a year
Inflation-A rise in the general level of prices
Keynesian Economics-An economic theory stating that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability.
Liquidity-Ability to convert an asset into cash quickly
Macroeconomics-The branch of economics dealing with the broad and general aspects of an economy, as the relationship between the income and investments of a country as a whole
Marginal Utility-The extra usefulness gained from consuming one more unit of a product
Microeconomics-The branch of economics dealing with particular aspects of an economy, as the price-cost relationship of a firm
Minimum Wage-The lowest legal wage that can be paid to most workers
Monetarism-A doctrine holding that changes in the money supply determine the direction of a nation's economy
Money-Any substance that serves as a medium of exchange, a measure of value, and a store of value
Reaganomics- A popular term used to refer to the economic policies of Ronald Reagan which called for widespread tax cuts, decreased social spending, increased military spending, and the deregulation of domestic markets
Scarcity-The condition that results from limited resources combined with unlimited wants
Stagflation-An inflationary period accompanied by rising unemployment and lack of growth in consumer demand and business activity
Standard of Living-The quality of life based on the possession of necessities and luxuries that make life easier
Supply-The amount of a product that would be offered for sale at all possible prices that could prevail in the market
Tariff-A tax on an imported product
Trade-Off-Alternatives that must be given up when one is chosen over another
Trust-A monopolistic corporation, prior to the enactment of antitrust laws
The stock Market
The Gold STANDARD
the federal reserve
Economists
So What?
Still Not Enough?
I recommend this video! It explains America's financial system and helps with basic understanding. Its very helpful! (Though be warned viewer discretion is advised.)
U.S. Economy at the Beginning and End of the 20th CenturyThis Chart book has a ton of great useful information in it.
Economic TimelineThis helpful resource gives a good illustration of U.S. economy in the 20th century. Also take a look at other things on the website they may be helpful to you.
Another Economic TimelineOne can never have enough good timelines.
Surplus and DebtIf you have no idea what surplus and debt is this video might help you(its British!).
The Economic Breakdown SongIf you need another song explaining economics this might help.
The Federal ReserveThis is a very informative video, if you can sit through it.
The History of the Federal ReserveThis website reveals the history of the Fed, though I believe it to be slightly biased toward the Fed.
F. A. HayekThis website gives a plethora of information about Hayek and there are other great economic articles as well.
Keynesian EconomicsThis is a good explanation of Keynesian economics, also the related links are great sources as well.
1900's Economic History BlogA blog about the economic history of the 1900's....it's pretty self explanatory.