Recession of 1973-1975

RECESSION OF 1973-1975

Carmen MakLindsey MauLauren Mau

Oil Shock 1973• OAPEC’s oil embargo

Oil Shock 1973• OAPEC’s oil embargo• Along with WWII

Oil Shock 1973• OAPEC’s oil embargo• Along with WWII• And the Vietnam War

Gold Standard

Got off the gold standard and printed more money.

•Too much money

•High inflation

•High prices

•Less money

•Less spending

•BAD economy

GDP Graph

1973 1974 19755.9% -0.5% -0.2%4.2% -0.4% 1%2.9% -0.35% 2.1%.08% -0.3% 3.3%

Inflation Graph

0

2

4

6

8

10

12

14Inflation 1973-1975

Quarter

1973

1974

1975

Quarter I

10.2%

10.3%

Quarter 2

11% 9.3%

Quarter 3

7.4% 12% 7.8%

Quarter 4

8.8% 12.2%

Unemployment Graph1973

1974

1975

4.9%

5.1%

8.1%

5 5.2 8.14.9 5.1 8.65 5.1 8.84.9 5.1 94.9 5.4 8.64.8 5.5 8.44.8 5.5 8.44.8 5.9 8.44.6 6 8.34.8 6.6 8.34.9 7.2 8.2

People and Places

People and Places

People and Places

People and Places “Oil Weapon” from the Arab states

Targeted United States, Great Britain, Canada, Japan, and the Netherlands.

How did the 1973 recession affect people’s lives?

When the oil prices rose up…

The price of products that make from oil and gas also rose up such as:

To live through the recession…

Examples… People shopped less,

Have more than one job,

Drive slower to save more gas,

More examples…… Move to other state to have moreopportunities,

Having part time job while in school,

People worried about their jobs and future,

Some people couldn’t afford bus money,walk 5 miles to work.

Consumption and Investment GrowthQuarter Consumption

GrowthInvestmentGrowth

1973: Q3 1.6% 0.6%1973: Q4 -1.0% -3.9%1974: Q1 -3.5% -8.5%1974: Q2 1.4% -7.8%1974: Q3 1.5% -8.0%1974: Q4 -6.6% -16.1%1975: Q1 3.1% -36.2%

Stress…

•Slim down the debts $$$ •Get to the office and stay there - be noticed by the boss

•Be a picky buyer – houses

SURVIVAL STRATEGIES.

Economy Affected the Suicide Rate

As the U.S economy is facing its biggest challenge, suicide cases associated with financial distress are widely reported in the news.

Economic problems can impact how people feel.

1973-1975

• Use of alternative energy•Conservation of energy > Tax credits for users of solar power/wind power•Conservation of oil and saving money•Buying less luxuries > smaller cars

Works Cited http://useconomy.about.com/od/grossdomesticproduct/a/recession_histo.htm http://247wallst.com/2010/09/09/the-13-worst-recessions-depressions-and-panics-in-american-history/3/ http://economics.about.com/cs/money/a/gold_standard.htm http://www.google.com/imgres?q=conservation+of+energy&um=1&hl=en&qscrl=1&nord=1&rlz=1T4SKPB_enUS359US359&biw=1920&bih=882&tbm=isch&tbnid=zzRKWwb9knoQ6M:&imgrefurl=http://

www.briskanswers.com/energy-conservation-%25E2%2580%2593-are-we-in-the-right-track/&docid=-G-O95PZ3js6eM&imgurl=http://www.briskanswers.com/wp-content/uploads/2011/04/Energy-Conservation.jpg&w=249&h=267&ei=3uPETvuOMuKTiQKNgfnsBQ&zoom=1&iact=hc&vpx=939&vpy=344&dur=285&hovh=213&hovw=199&tx=90&ty=91&sig=103539299875523669617&page=1&tbnh=160&tbnw=149&start=0&ndsp=35&ved=1t:429,r:12,s:0

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charter_bus.php&docid=3zcrBCs-DIXSiM&imgurl=http://www.vipbuses.com/charter_bus/charter_bus_o.jpg&w=643&h=482&ei=GdnETuvSC-7WiAKSyuH2BQ&zoom=1&iact=rc&dur=11&sig=103539299875523669617&page=1&tbnh=124&tbnw=173&start=0&ndsp=43&ved=1t:429,r:10,s:0&tx=94&ty=93

http://www.google.com/imgres?q=survival+strategies&um=1&hl=en&sa=N&qscrl=1&nord=1&rlz=1T4SKPB_enUS359US359&biw=1920&bih=882&tbm=isch&tbnid=FdIm4l5mllf6AM:&imgrefurl=http://www.lhup.edu/~dsimanek/survival.htm&docid=EzIYAlhh6Au6WM&imgurl=http://www.lhup.edu/~dsimanek/albert.gif&w=346&h=306&ei=tt3ETv6OEaOTiAK7o4X2BQ&zoom=1&iact=hc&vpx=771&vpy=316&dur=3074&hovh=211&hovw=239&tx=106&ty=125&sig=103539299875523669617&page=1&tbnh=166&tbnw=181&start=0&ndsp=38&ved=1t:429,r:13,s:0

RECESSION OF 1973-1975

Carmen MakLindsey MauLauren Mau