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Econ Test Out (History)
Historical summary of business cycle in modern U.S. economy. Based off of Glencoe Economics textbook.
10
Economics
12th Grade
08/17/2012

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Cards

Term
Describe inflation during the 1960s
Definition
Low inflation beginning of decade, increasing inflation at end of decade.
Term
Describe major economic issues of the 1960s
Definition
-Low energy costs as most petroleum still domestically produced
-High wages due to conscription of workers into military, political power of unions and higher education levels
-Massive government spending on Vietnam War and expanded social programs
Term
Describe inflation during the 1970s
Definition
Increasing inflation throughout decade caused by high wages, higher energy costs, high food costs
Term
Describes major economic issues of the 1970s (part 1)
Definition
-OPEC nations cut production of petroleum to keep energy prices high. Oil embargo of 1973 and Iranian revolution in 1979 result in energy shortages
-Increased foreign competition especially from Germany and Japan and high energy costs force closure of many factories raising unemployment
Term
Describe major economic issues of the 1970s (part 2)
Definition
-Movement of large numbers of women, returning Vietnam veterans, and baby-boomers into labor force aggravates high unemployment rates
-Government preoccupation with Vietnam War and Watergate scandal prevents serious action to correct economic problems
Term
Describe inflation during the 1980s
Definition
High inflation at beginning of decade-low inflation at end of decade
Term
Describe major economic issues during the 1980s
Definition
-Deregulation of domestic oil prices and other incentives lead to increased energy supplies, lowering prices
-Tax cuts geared to business expand economy and create new jobs
-Technology improves productivity
-Changes in Soviet leadership lead to Cold War tensions
Term
Describe inflation during the 1990s
Definition
Recession at beginning of decade-economic boom at end leads to low unemployment levels. Low inflation throughout decade
Term
Describe major economic issues of the 1990s
Definition
-Fall of Soviet Union leads to reductions in defense spending and budget surpluses at end of decade
-Y2K and fears of network meltdowns preoccupied final years of decade
-Low energy costs throughout most of decade-increasing costs at end of decade
Term
Describe major economic issues of the 2000s
Definition
-Energy costs increase steadily throughout decade
-War on Terror eases budget surpluses and leads to wars in Afghanistan and Iraq
-Outsourcing and obsolescence of manufacturing jobs leads to economic demise of states such as Michigan that are reliant on manufacturing
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