From 1929-1933, what happened to the US GDP? How might this trend be related to the bank suspensions, unemployment rates and per capita personal income data you viewed earlier

From 1929-1933, what happened to the US GDP?

It was the period of Great Depression in the United States from 1929 to 1933, Real GDP decreased by over 30 percent, the unemployment rate reached 25 percent, nearly half of the country's banks failed and prices decreased by nearly 25 percent over the entire period.

Explanation:

The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939. It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and their per capita income dropped drastically and investment was on the lowest ebb, causing steep declines in industrial output and employment as failing companies laid-off workers in large numbers. By 1933, when the Great Depression reached its lowest point, some 15 million Americans were unemployed and nearly half the country’s banks had failed.

While the 1920s had roared, the 1930s had been snoring. Company growth had declined by the late 1920s, profits had started to decline and many people had lost their jobs. Many companies which borrowed money from banks could not repay their loans. Prices fell, but incomes grew. And a lot of people were jobless. With little employment, the demand for goods and services decreased by citizens. The grim realities of bank suspensions, unemployment, and financial instability posed a problem for the United States between 1929 and 1933.

The concept bank suspension involves all banks closed to the public, whether permanent or temporary, due to financial problems by supervisory authorities or boards of directors of the banks. Banks that closed under a special declaration of holiday and stayed closed only during the specified holiday are not considered to be suspensions.

From 1929 to 1933, operations were suspended by as many as one-fifth of all banks and about 15 percent of people's life savings lost. Americans lost confidence in banks and withdrew their capital.

The unemployment rate is the proportion of the labor force that is eager and capable of working, does not presently have a job, and is actively pursuing jobs. The work force is made up of people aged 16 and over who are employed or actively looking for work. If there is unemployment, production in the economy is less than its capacity.

Personal income per capita shows the average income per person.

Gross Domestic Product (GDP) measures the overall market value of all final goods and services in an economy for a given time period, typically a year. Real Gross Domestic Product is Inflation-adjusted GDP.

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manifest functions are the recognized and intended consequences of any social pattern, while latent functions are those unrecognized and unintended consequences. to analyze the manifest functions of any social institution, we have to study its contribution to the continuation of a group, community, or society.