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1975 - Today
Important Terms
16
History
11th Grade
05/31/2009

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Term
OPEC
Definition
Organization of Petroleum Exporting Countries, groups of nations that work together to regulate the price and supply of oil
Term
stagflation
Definition
combination of high inflation and high unemployment, with no economic growth
Term
Panama Canal Treaty
Definition
treaty that turned over the Panama Canal to Panama in 2000
Term
Camp David Accords
Definition
1978 agreement between Israel and Egypt that made a peace treaty between the two nations possible
Term
Iranian Hostage Crisis
Definition
when revolution broke out in Iran in 1979, supports of Ayatollah Khomeini stormed the U.S. embassy, angry over U.S. interference in their country, and took 52 hostages and held them for 444 days
Term
supply side economics
Definition
theory that tax reductions will increase investment and thereby encourage business growth
Term
budget deficit
Definition
going into debt in each yearly budget
Term
national debt
Definition
how much the country owes in total
Term
Sandanistas
Definition
in the 1980s, a member of the ruling Marxist group in Nicaragua
Term
Contras
Definition
Spanish word for counterrevolutionary, a rebel opposed to Nicaragua's Communist government in the 1980s
Term
Iran Contra Scandal
Definition
scandal in the Reagan administration involving the use of money from secret Iranian arms sales to support the Nicaraguan Contras
Term
trade deficit
Definition
exporting more goods than we import
Term
Strategic Defense Initiative (Star Wars)
Definition
SDI, President Reagan's proposed defense system against a Soviet missile attack
Term
AIDS
Definition
Acquired Immune Deficiency Syndrome, a virus that began spreading in the early 1980s and has killed many people
Term
Operation Desert Storm
Definition
UN invasion of Kuwait to free it from Iraqi control in February 1990
Term
budget surplus
Definition
having extra money at the end of a budget year
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