Podcast
Questions and Answers
Overproduction of goods caused a decrease in consumption during the Great Depression.
Overproduction of goods caused a decrease in consumption during the Great Depression.
True (A)
Canada's economy relied on a diverse range of products for its exports.
Canada's economy relied on a diverse range of products for its exports.
False (B)
Black Tuesday refers to the stock market crash that marked the beginning of the Great Depression.
Black Tuesday refers to the stock market crash that marked the beginning of the Great Depression.
True (A)
Dependence on the US market had a minimal impact on the Canadian economy during the Great Depression.
Dependence on the US market had a minimal impact on the Canadian economy during the Great Depression.
Easy credit and the encouragement of credit purchases contributed to increased financial stability in Canada.
Easy credit and the encouragement of credit purchases contributed to increased financial stability in Canada.
Flashcards
Overproduction
Overproduction
When businesses produce more goods than people can buy, leading to unsold products.
Reliance on a few products
Reliance on a few products
Canada's economy relied heavily on exporting a few natural resources like wheat, lumber, and minerals. This made the economy vulnerable to sudden price drops of those resources.
Dependence on the USA
Dependence on the USA
The Canadian economy was closely tied to the U.S. economy; almost two-thirds of Canada's goods were sold in the U.S. Any problems in the U.S. would directly impact Canada.
Too much credit buying
Too much credit buying
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Black Tuesday
Black Tuesday
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Study Notes
Causes of the Great Depression
- Overproduction: Agricultural and industrial production exceeded demand, leading to surpluses of goods.
- Over-reliance on primary products: The Canadian economy depended heavily on a few primary products.
- Dependence on the USA: The Canadian economy was closely tied to the US economy, and struggling when the US went into financial trouble
- Excessive Credit Buying: Canadians were encouraged to buy goods on credit.
- Stock Market Crash: The stock market crash of 1929 caused a domino effect, triggering economic problems globally.
- Black Tuesday: The stock market crash of October 29, 1929 (nicknamed "Black Tuesday") was a key catalyst of the ensuing Great Depression.
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