Social Studies / Chapter 6-8

Consumerism

This refers to how much people spend on goods and the idea that purchasing items demonstrates social status and value.

Income Disparity

This term describes the gap in earnings between wealthy individuals and those who are less fortunate.

Inflation

This is when prices for goods and services rise, causing money to lose its value.

Monopoly

A situation in which one company or group has exclusive control over the supply of a product or service, limiting competition.

Social Programs

Government initiatives designed to support citizens in various areas like education, healthcare, and income assistance to enhance societal welfare.

Trickle-Down Economics

An economic theory that suggests that benefits provided to the wealthy or businesses will eventually benefit everyone else in society through increased investment and job creation.

Welfare State

A government system that aims to provide a basic standard of living for all its citizens, often through various social programs that help in areas like health, education, and economic stability.

Meat Inspection Act (1906) and the Pure food & Drug Act (1906)

It was created in response to the effects of liberalism in early 1900 American society as the conditions inside meat-packing plants caused public outcry.

The Sherman Anti-Trust Act

Was introduced in 1890 to prevent collusion or anti-competitive behaviour between companies.