Exam4 Concepts in Trade and Historical Events

free trade

The unrestricted flow of goods, services, and capital between nations.

protectionism

Policies like tariffs and immigration restrictions to protect domestic industries.

comparative advantage

David Ricardo.

tariffs before 1913

They were a major source of U.S. government revenue before income tax (16th Amendment).

President supporting tariffs

President Trump.

trade deal replacing NAFTA

USMCA (United States-Mexico-Canada Agreement).

weak U.S. dollar effect on trade

It helps U.S. exports but makes travel abroad more expensive for Americans.

Smoot-Hawley Tariff Act's effect

It worsened the Great Depression.

demand

The amount consumers are willing and able to buy.

demand when prices fall

Demand increases.

supply

The amount producers are willing and able to sell.

supply when prices rise

Supply increases.

equilibrium price

The price where supply equals demand.

demand increases effect

Prices usually go up.

supply increases effect

Prices usually go down.

Defense Secretary

Pete Hegseth.

September 11, 2001

Al Qaeda terrorist attacks on the U.S.

countries invaded after 9/11

Afghanistan and Iraq.

countries in NAFTA

U.S., Canada, and Mexico.

TPP aim

Counter China's influence in the Pacific Rim.

cause of the War of 1812

British capture of American sailors and attempts to reclaim colonies.

result of the Mexican-American War

U.S. gained California, Arizona, and other territories.

trigger of the Spanish-American War

Sinking of the USS Maine.

cause of World War I

Assassination of Archduke Franz Ferdinand and alliances.

U.S. entry into World War II

Japan bombed Pearl Harbor.

leaders during WWII

FDR, Truman, Churchill, Stalin, Hitler.

trigger of the Korean War

North Korea invaded South Korea.

trigger of U.S. involvement in Vietnam

A reported attack on a U.S. ship.

Cold War

Political tension between the U.S. and USSR featuring nuclear arms race and proxy wars.

China's annexation goal

Taiwan (Republic of China).

Ukraine events starting 2014

Russia invaded and later attacked under President Zelinsky's leadership in 2022.

Israel events in 2024

Hamas attacked Israel, leading to Israeli retaliation in Gaza and Lebanon.