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free market economy

Capitalism, private ownership law of supply and demand

Traditional Economy

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

Socialism

A system in which society, usually in the form of the government, owns and controls certain industries within an economy

Command Economies

economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow

Inflation

a general increase in prices and fall in the purchasing value of money.

monetary policy

Government policy that attempts to manage the economy by controlling the money supply by raising or lowering interest rates.

Federal Reserve System

The country's central banking system, which is responsible for the nation's monetary policy by regulating the supply of money and interest rates

interest rate

the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Taxes

Fees for the support of government required to be paid by people and businesses.

Tarriffs

a tax on imports and exports

Regulation

government intervention in a market that affects the production of a good

Levittown

New York suburb where postwar builders pioneered the techniques of mass home construction

Baby Boomers

The 78 million people born during the baby boom, following World War II and lasting until the early 1960s

Consumerism

A preoccupation with the purchasing of material goods.

Great Society

1964, LBJ's policies of fighting poverty and racial injustice

Medicare

A federal program of health insurance for persons 65 years of age and older

Medicaid

Federal program that provides medical benefits for low-income persons.

Counterculture Movement

protest movement in the 1960s that rejected traditional American values and culture

Reaganomics

Reagan's economic policy; tax cuts, arms build up, budget cuts, and deregulation

War on Poverty

President Lyndon B. Johnson's program in the 1960's to provide greater social services for the poor and elderly

Patriot Act

This law passed after 9/11 expanded the tools used to fight terrorism and improved communication between law enforcement and intelligence agencies

Affordable Care Act

law passed in 2010 to expand access to insurance, address cost reduction and affordability, improve the quality of healthcare, and introduce the Patient's Bill of Rights

Great Recession

Dramatic loss of jobs (and consumer spending) that began with the bursting of the U.S. housing bubble in late 2007.

Spanish-American War

In 1898, a conflict between the United States and Spain, in which the U.S. supported the Cubans' fight for independence

Teddy Roosevelt and the Rough Riders

gained fame for the role they played in battles for Kettle and San Juan Hill in Cuba. Joined by African American soldiers (buffalo soldiers) to fight the Spanish.

Imperialism

domination by one country of the political, economic, or cultural life of another country or region

WWI

A war fought from 1914 to 1918 between the Allies, notably Britain, France, Russia, and Italy (which entered in 1915), and the Central Powers: Germany, Austria-Hungary, Bulgaria, and the Ottoman Empire.

Fourteen Points

A series of proposals in which U.S. president Woodrow Wilson outlined a plan for achieving a lasting peace after World War I.

Woodrow Wilson

28th president of the United States, known for World War I leadership, Treaty of Versailles, sought 14 points post-war plan, League of Nations (but failed to win U.S. ratification), won Nobel Peace Prize

Treaty of Versailles

the treaty imposed on Germany by the Allied powers in 1920 after the end of World War I which demanded exorbitant reparations from the Germans

Korean War

The conflict between Communist North Korea and Non-Communist South Korea. The United Nations (led by the United States) helped South Korea.

Vietnam War

A prolonged war (1954-1975) between the communist armies of North Vietnam who were supported by the Chinese and the non-communist armies of South Vietnam who were supported by the United States.

Iraq War

2003 war fought to end Sadaam Hussein's influence in Iraq and disarm them of WMD's

War in Afghanistan

Launched in response to the September 11th attacks, this war sought to capture Osama bin Laden and remove the Taliban as leaders of the country.

Persian Gulf War

(1990 - 1991) Conflict between Iraq and a coalition of countries led by the United States to remove Iraqi forces from Kuwait which they had invaded in hopes of controlling their oil supply. A very one sided war with the United States' coalition emerging victorious.

Bashar al-Assad

current president of Syria

Osama Bin Laden

Arab terrorist who established al-Qaeda

Isis

Islamic State of Iraq and Syria

Saddam Hussein

President of Iraq from 1979 to 2003. Waged war on Iran in 1980-1988. In 1990 he ordered an invasion of Kuwait but was defeated by United States and its allies in the Gulf War (1991). Defeated by US led invasion in 2003.

Operation Desert Storm

Military operations that started on January 16, 1991, with a bombing campaign, followed by a ground invasion of February 23 and 24, 1991. The ground war lasted 100 hours and resulted in a spectacularly one-sided military victory for the Coalition.

Weapons of mass destruction

Biological, chemical, or nuclear weapons that can cause a massive number of deaths in a single use.

Liberal Democracy

A political system that promotes participation, competition, and liberty and emphasizes individual freedom and civil rights.

Iliberal Democracy

A 'democracy' of sorts, or at least a country that appears democratic - except that elections are usually rigged, human rights are violated, and constitutional limits on government's powers are ignored. (ex. Russia)