Flashcards to study the History of American Economics
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| time period in U.S. after WW1 where Americans spent too much money and helped lead us into Great Depression | The Roaring 20's
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| created mass production of automobiles using the assembly line (made more affordable) | Henry Ford
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| economic crisis in United States caused by overproduction and underconsumption, stock market speculation, stock market crash of 1929, buying on credit, and the Dust Bowl (drought) | The Great Depression
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| is when companies make too much of a product | overproduction
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| is when people don't buy enough | underconsumption
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| people trying to make quick money on the stock market - make quick money and take their money out of the stock market | stock market speculation
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| considered the start of the Great Depression - gambling on stocks and speculation caused it | Stock Market Crash of 1929
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| terrible drought in the Midwest during the Great Depression - farmers lost land, many moved out west in search of work | Dust Bowl
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| shacks, shanty towns for homeless people named for President Hoover who Americans blamed for the Great Depression | Hoovervilles
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| President Franklin D. Roosevelt's plan for helping the U.S. get out of the Great Depression - started govt. works projects to create jobs, boost economy | FDR's New Deal
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| project to bring hydroelectric power to many people in the South - built dam, etc. | Tennessee Valley Authority
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| part of FDR's Second New Deal - retirement money for elderly people and money for disabled | Social Security Act
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| when men came home from WWII, it was the huge increase in population from all of the babies being born | the Baby Boom
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| first subdivisions (suburbs) - built because of housing need during baby boom - allowed people to live outside of cities | Levittown
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| President Eisenhower - created Interstates and highways to connect the United States (I-85) - Baby Boom and Levittowns -> led to fast food restaurants and motels/hotels, etc. | Interstate Highway Act
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| programs started like Medicare -> Johnson started war on poverty (schools, speed limits, EPA, etc) | Lyndon B. Johnson's Great Society
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| health insurance for the elderly | Medicare
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| fought for the rights of farm workers (United Farm Workers - U.F.W.) | Cezar Chavez
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| Reagan's economic policy - trickle down or supply side economics ->don't tax the rich people heavily | Reaganomics
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| set up NAFTA - North American Free Trade Agreement (free trade between the U.S.A., Canada, and Mexico) | President Bill Clinton
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| Coin Money | Specie
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| an economy/ industry controlled by one person/ company | Monopoly
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| an economy/ industry controlled by a small group | Oligopoly
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| an economy/ industry where the market is open for competition | Free Market
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| this group of colonies that had the most diversity in people | Middle Colonies
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| this group of colonies had the BEST growing conditions | Southern Colonies
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| this group of colonies had the most difficult farming conditions | New England Colonies
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| the ecomonic system whereby the mother country makes money by starting colonies. the colonies supply the mother country with resources which she turns into products that are sold, even back to colonists | Mercantilism
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| the way a country or group of colonies make their money | Economy
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| items a country sells to another country are called this | Exports
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| items a country buys from another country are called this | Imports
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| producing just enough food/ product for you and your family | Subsistence
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| tax on all imported goods to protect domestic products from foreign competition | Tarriff
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| money you are allowed to borrow for a certain amount of time | Credit
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| money you owe to a business or person is called | Debt
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| laws passed by English Government to ensure that England makes its share of money form the Colonies' trade | Navigation Acts
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| movement to support the growth of the nation's economy, internal improvements was a big aspect | Economic Nationalism
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| Henry Clay, method for advancing economic growth, protective tariffs, national bank, internal improvements, tariffs would promote American manufacturing, bank would keep system running smoothly, internal improvements would help and so on | American System
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| first major financial panic, fault of Second Bank, which had tightened credit, deflation, large increases in unemployment, most severe in west, huge debt and foreclosure, nationalistic views shaken | Panic of 1819
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| This institution was chartered in 1816 under President Madison and became a depository for federal funds and a creditor for (loaning money to) state banks. It became unpopular after being blamed for the panic of 1819 | Second Bank of the United States
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| Marshall ruled federal government had the implied power to create the bank, the state could not tax a federal institution because "the power to tax is the power to destroy" | McCulloch v. Maryland 1819
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| moving upward in income level and social status | Social Mobility
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| created by Truman, pushed for economic reform in a time of prosperity, was met with hostility, proposed goals as steps to universal healthcare and urban renewal | Fair Deal
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| economic overexpansion after the Civil War causing property loss and stock markets to crash around the world | Panic of 1873
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| economic movement during the 1830's | Market revolution
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| 1801, his philosophy focused on protecting the common man from political and economic tyranny. He particularly praised small farmers as "the most valuable citizens." | Thomas Jefferson
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