what is great depression and how did it happen
Answer (1)
What Happened?• Many banks closed, and people lost their savings.• Factories and farms made more goods than people could buy, so businesses closed.• Jobs disappeared, and about 1 in 4 Americans lost their work.• Trade between countries dropped because of high taxes on imports.• Many families became poor and homeless.Timeline (Key Events)• 1929: Stock market crashes (Black Tuesday).• 1930–1931: Banks fail; unemployment rises.• 1932: U.S. unemployment reaches 25%.• 1933: President Roosevelt starts the New Deal to help people.• Late 1930s: Slowly, the economy improves.• 1939: World War II begins, which helps end the Great Depression.
