The great depression started in the year 1929. It caused many people to lose their jobs and banks became bankrupt. Also no one would consume any production from companies.
2. 2. How did the recent recession start?
gf The current recession started with oil sky rocketing due to wars, also the high unemployment rate in british columbia of how minimum wage is only $8.50. Production rates went up such as food, house, transportation and many other things
d
C 3. How did the government take part following the event? Were/are there successful attempts?
D
- - Heavily taxed imports
-0 - Social services increase
df - Food Vouchers
During the recession of 2007 the government took the roles of:
- - Bailout's for large corporates
- Bankruptcy prevention programs
- Employment increases
- Stabilizing real estate market
4 4. What factors are present now that were not present during the great depression? (banking, online resources, etc)
w Televisions, medical care, government support, Internet services, Cell phones, Better transportation and many more.
5. How did these two affect United States’ GDP?
When the stock market crash on October 24 , 1929, when 12.9 million shares of stocks were sold in one day. Share prices fell 15-20%. So therefore majority of the people hang on to there money instead of spending it.
Reflection: in your own words tell me which one has made more of an impact on the world.
The Great depression showed alot more impact to the world compared to now. The reason for that was because it lasted for 10 years. While if its compare to now things would be easily fixed.The great depression caused a 25% increase to unemployment rate, and wages for people were lowered by 35-40% which is alot. The government did not do anything about it because they didn't know what to do compared to now eventhough if a recession occured everyone will still earn what they are making now.
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