summative review

the third summative review that was actually the same as the others so ignore it

Interdependence

a give/take relationship between varying groups of people

Scarcity

problem that arises due to our unlimited wants but our limited resources

Trade-offs

the need to forego one or more desirable outcomes in exchange for increasing or obtaining other desirable outcomes

Opportunity Costs

The cost of an alternative that must be forgone in order to pursue a certain action - SACRIFICE

Traditional Economy

tradition and long establish patterns determine how the 3 basic questions are answered; tend to be more agricultural style economies (African tribes)

Market Economy

individuals opposed to government determine the 3 basic questions are answered; largely driven by supply and demand and focus is on consumer goods (US)

Command Economy

Strong central governments determine how the 3 basic questions are answered; focus on industrial and military goods (russia, social/communism, china)

Mixed Economy

mixture of all 3 systems

AFL (American Federation of Labor)

was against immigrants, african Americans, or unskilled laborers

Knights of Labor

were inclusive of everyone

Worker Complaints

being replaced by machinery, poor working conditions, and lay-offs and wage cuts

Role of government

the government supports business owners - sends troops to end strikes and actually arrests strikers for breaking the Shaerman antitrust because they were limiting free trade by not working

Homestead Strike

Workers barricaded and were shot at by mercenaries because workers wanted shorter work days and better conditions.

Triangle Shirtwaist Fire

A shirtwaist company was burned down from the lack of safety precautions and big businesses not caring about their workers and this then caused fire extinguishers, doors opening outwards, and Life Safety Code (146 girls out of 360 died)

Haymarket Riot

A showdown where workers called for shorter work days and better conditions and someone threw a bomb.

Pullman Strike

A railroad strike that occurred in Chicago; the reaction of 2000 people being laid off, and because of the wage reduction of 25%.

WEB Dubois

believed that AA's deserved equality and respect IMMEDIATELY; created the NAACP to help them earn that equality

Booker T Washington

believed AA's needed to earn respect SLOWLY through education

Muckraker

individuals who were in the media (authors, journalists, photographers, etc) who tried to create awareness about the problems in society in hopes that reforms could be created to fix those problems

Ida Tarbell

wrote about the injustices associated with Standard Oil and the elimination of competition

Upton Sinclair

wrote "The Jungle" about the horrors of meat packing industries and poor sanitation

Jacob Riis

took a photo journalist who used a series of pictures that became known as "How the Other Half Lives." Created awareness of abject poverty in slums

Thomas Nast

created political cartoons that educated even the illiterate about corruption (ex. William "Boss" Tweed)

Pure Food and Drug Act

created due to the awareness muckrakers brought; this law required all companies to place labels on their products and to not false advertise.

Square Deal

a set of policies that intended to provide equal opportunities to succeed for everyone

New Freedom

gave businesses the freedom to compete (attacks ALL trusts, clayton antitrust act (legal power to break trusts), lowers tariffs (tax on imported goods), federal reserve (nation's central bank; print money, small banks; helped create greater economic stability)

Trustbuster

broke up bad trusts and controlled the good trusts more (uses the sherman antitrust act)

Conservation

the protection of nature and natural resources (TR wanted this)

William Taft

8 hour work days, end child labor, 16th and 17th amendment, ends even more trusts than TR, fires a forest official that makes TR mad

Bull Moose Party

The party that TR made because he didn't want to be republican or democratic

Consumerism

the protection or promotion of the interests of consumers; a positive for consumer spending and GDP growth (gross domestic product; the standard measure of the value added created through the production of goods and services in a country during a certain period), a negative for rampant consumerism which then affects mental health and financial health

Installment Buying

when a purchase is made and paid with equal payments throughout a given period; there could be potential of overbuying, expensive late fees, and negative impacts on credit scores; allows consumers to spread the purchase cost over a longer period

Laissez-Faire

hands-off for the government

Buying on Margin

occurs when an investor buys an asset by borrowing the balance from a bank; higher returns and no need to liquidate existing assets would be pros while higher risks and additional margin fees would be cons

1920s Economy

what was good was that it boosted the economy and made everyone have big amounts of money that they had gained from using the bank as their financial resting and boosting place.

Bank Failures

As a result of the stock market crashing, the bank started to fail. Federal deposits were not a thing yet, so citizens lost all of their money when the banks went bankrupt. Panicking, people withdrew money, causing more banks to close and became unwilling to lend money. This then caused less and less spending and less businesses.

Franklin Roosevelt (FDR) philosophy

Risk taker (would do anything to make sure that America were being helped because how bad could it get than this?), willing to spend money he doesn't have (would much rather spend money to help the American people, no matter if they don't have the money), willing to use a large government to help people/safety net (he wants the government to get bigger, as long as it helps Americans).

Hoover's philosophy

Cautious (believes that the government and society are already dealing with scarcity, so he makes absolutely sure that the things that he does are not wasteful), fiscally conservative (doesn't believe in spending money that the government doesn't have/national debt), believes in small government (laissez faire).

NEW DEAL

Series of domestic programs, public work projects, financial reforms, and regulated enacted by FDR with the aim of addressing the Great Depression and help the American people recover from it.

RELIEF

Silenced people's panic and pain instantly, but didn't actually fix anything, and also made sure that things didn't get worse.

RECOVERY

To make the economy stronger by making sure that people are getting jobs.

REFORM

Made sure that the Great Depression would never happen again and we understood the causes.

Bank Holiday

RELIEF - stops the panic; ensure depositors savings were secure and banks did not go bankrupt (banks and depositors).

Federal Emergency Relief Act (FERA)

RELIEF - provided federal $ to state + local government to be redistributed to the unemployed (unemployed).

Civilian Conservation Corps (CCC)

RECOVERY - create jobs and help the environment; conservation (unemployed + environment).

Works Progress Administration (WPA)

RECOVERY - created jobs and promoted the arts (artists + unemployed).

National Recovery Administration (NRA)

RECOVERY - created codes for production, wages, prices, etc. and urged people to buy only from companies that obeyed (gov. + big businesses).

Agricultural Adjustment Act (AAA)

RECOVERY - paid farmers to not produce + to even destroy crops + livestock; this would reduce surplus, increasing prices, and preventing farms from closing (farmers).

Tennessee Valley Authority (TVA)

RECOVERY - rebuild TNV to prevent future flooding in an impoverished area; build dams, provide electricity, schools, etc. (Tennessee citizens).

Federal Deposit Insurance Corp (FDIC)

REFORM - insured individual deposits to a certain amount (1934: $2,500 2010: $250,000) prevents runs on bank (Americans).

Truth In Securities Act

REFORM - investors must be informed (and not misinformed) about stock (investors).

Social Security Act (SSA)

REFORM - provide pensions for anyone who loses their income and funds for the unemployed and disabled (anybody with disadvantage).

GI Bill

The GI Bill was a bill that helped veterans coming from World War 2 to start a new life and have better opportunities.

Interstate Highway

EISENHOWER CREATED THIS - the interstate highway system was a quicker and more efficient way of transportation that allowed suburbanization to grow.

Great Society

JOHNSON - aid to education, attack on disease, Medicare, urban renewal, conservation, development of depressed regions, fight against poverty, and curbed the effects of racial discrimination.

Reaganomics

A set of policies that reduced taxes and increased promotion of unrestricted free-market activity, meaning that people could spend as much money as they wanted or sell anything they wanted at any price with no consequences.

Great Recession

DODD-FRANK (banking regulation) - unemployment was very high and impacted the economy greatly because of lack of regulation in the financial system, too many financial institutions that took on too much risk, and the stop of people using their credit (credit crunch).

1970s: STAGFLATION

Period of time that inflation was as high as unemployment rates. It was cheaper overseas and there were more labor costs while manufacturing was slowing down, meaning that less employees were needed and there was also a decrease in oil supply, leading to increase in gas inflation.

1990s: The Industry Employment Crisis

The total loss of about 1.5 million jobs as the employment rate lasted 20 months due to the decrease of production and manufacturing.

Globalization

Changes the way nations, businesses, and people interact. Specifically, it changes the nature of international economic activity, expanding trade, opening global supply chains, and providing access to natural resources and labor markets.

COVID

The government took actions such as SNAP, unemployment insurance, child tax credit, and American Rescue Plan Act, which reduced the overall prevalence of food insecurity by as much as 30%, reduced employment slightly but also increased employment in some localities, and prevented 3 million additional children who would have been previously in poverty to leave that poverty.