Describe in Detail What Automatic Stabilizers Are and Their Effect

question 37

Essay

Describe in detail what automatic stabilizers are and their effect on the economy in times of recession and boom.

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Definitions:

Black Churchgoers

Individuals who are part of the African American community who regularly attend church services.

Social Services

Public services provided by a government, NGOs, or other organizations to help improve welfare and living conditions.

Freedmen's Bank

Originally known as the Freedman's Saving and Trust Company, this was a private corporation chartered by the U.S. government to encourage and guide the economic development of newly freed African Americans after the Civil War.

Panic of 1873

A financial crisis that triggered a severe international economic depression in both Europe and the United States, lasting from 1873 to 1879.