The Great Compromise refers to the agreement reached during the Constitutional Convention in 1787, which resolved the debate between the Virginia Plan and the New Jersey Plan. The Virginia Plan proposed a bicameral legislature with representation based on population, favoring larger states. On the other hand, the New Jersey Plan called for equal representation for all states, regardless of size. The Great Compromise combined elements of both plans, creating a bicameral legislature with the House of Representatives based on population and the Senate with equal representation for all states. Therefore, the statement that the Great Compromise gave both sides what they wanted is true.