Unit 5: Crisis and Change
Lesson E: Economic Depression and Political Collapse
Key Terms
| Key Term | Definition |
|---|---|
| balance of international trade | the excess of visible exports over visible imports |
| demand | the different quantities of a resource, good, or service that will be purchased at various possible prices at a given point in time |
| depression | a period of drastic decline in a national or international economy, characterized by decreasing business activity, falling prices, and unemployment |
| free market | a market in which there is no economic intervention and regulation by the state, except to enforce private contracts and the ownership of property |
| Gross Domestic Product (GDP) | the monetary value of all goods and services produced in a given year |
| interest rate | the price that people pay to borrow money or are paid to lend money; this price is determined by the forces of supply and demand and affect the level of economic activity in a country |
| interventionism | any activity undertaken by a central government to affect a country's economy |
| personal income | an individual's total earnings from wages, investment enterprises, and other ventures |
| populism | political discourse that appeals to the general mass of the population, to the "people" as such, regardless of class distinctions and political partisanship |
| price | the amount of money or goods asked for or given in exchange for something else |
| profit | the amount received for a commodity or service in excess of the original cost |
| reparations | money paid for damages |
| supply | the different quantities of a resource, good or service that will be offered for sale at various possible prices during a specific time period |
| tariff | fees or duties imposed by a government on imported or exported goods |
| taxes | a fee charged by the government on a product, income, or activity |
| unemployment rate | the percentage of the workforce looking for work but not finding it |
| welfare | well-being; aid in the form of money or necessities for those in need |
Directions: Practice using these terms.
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