WELCOME TO UNIT 6: THE GREAT DEPRESSION AND THE NEW DEAL
IN YOUR NOTEBOOK: WRITE DOWN YOUR BEST INFERENCES ABOUT WHAT THE DEPRESSION WAS, BASED ON YOUR PRIOR KNOWLEDGE AND THESE IMAGES.
THE GREAT DEPRESSION
Date: 1929-1939
Definition: a period of economic depression in the United States and the rest of the world
Less production
Massive unemployment
Poverty and starvation
Significance
Huge cost to human well-being
Transformed the role of the US federal government
WHAT THIS UNIT LOOKS LIKE
3.5 weeks – now through 3/20 Topics
Causes of the Depression Responses to the Depression – the New Deal
Assessments Causes quiz, Mon 3/9 or Tu 3/10 New Deal poster + presentation (small groups) IA3, 3/19 and 3/20 (in class)
KEY TERMS TO KNOW AND LOVE
Supply: the amount of a good or service that sellers are willing to sell
Demand: the amount of a good or service that buyers are willing to buy
Price: the amount that a buyer pays a seller for a particular good or service
SIMULATION 1: SUPPLY AND PRICE
Buyers: your job is to buy pencils at auctionWe’re going to vary the amount of pencils in the
economyRound 1: one pencilRound 2: three pencilsRound 3: twenty pencils
What happened to the price as the supply increased?
SIMULATION 2: DEMAND AND PRICE
Buyers: your job is to buy pencils at auctionWe’re going to vary the number of people who are interested
in buying pencilsRound 1: anyone caught with a golf pencil earns an automatic
Saturday detentionRound 2: you have to take a lot of notes this week; they can be
in pencil or penRound 3: you are now required to have a golf pencil every day in
history class
What happened to the price as the demand increased?
THREE REALLY BASIC RULES OF ECONOMICS
Demand is directly proportional to price – the more people want something, the more it will cost.
Supply is inversely proportional to price – the more of something is available, the less it will cost.
Individuals’ decisions, taken together, affect the economy – supply, demand, and prices are all the result of different individual consumers and producers, coordinated through the market.