A major economic downturn lasting from 2007 to 2009 caused by the collapse of the housing market and the financial crisis.
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All Flashcards
What was the Great Recession?
A major economic downturn lasting from 2007 to 2009 caused by the collapse of the housing market and the financial crisis.
What was the Tax Cuts and Jobs Act?
A tax reform bill passed in the US in 2017 that significantly lowered corporate and individual income taxes.
What was the COVID-19 pandemic?
A global pandemic caused by the SARS-CoV-2 virus that began in 2020, leading to widespread economic disruption and loss of life.
What was the Trans-Pacific Partnership (TPP)?
A proposed trade agreement between the US and 11 other countries in the Asia-Pacific region, from which the US withdrew in 2017.
What was the effect of the Reagan Revolution?
It moved much of the country to the conservative right.
How did globalization affect the US economy?
The US economy moved to a post-industrial basis, focusing more on service-sector and high-tech jobs.
What was the effect of immigration?
Led to a more diverse population and has contributed to the growth of the Hispanic and Asian American populations.
What was the effect of changes in birth rates?
Contributed to the aging of the population and has led to a shift in the age structure of the population.
What was the effect of changes in family structure?
Contributed to changes in the demographics of the population.
What was the effect of changes in life expectancy?
Contributed to the aging of the population and has led to a shift in the age structure of the population.
What is the Rust Belt?
A region in the Northeastern and Midwestern US that experienced industrial decline starting in the late 20th century.
What was the Reagan Revolution?
A period of conservative resurgence in the US during the 1980s under President Ronald Reagan.
What was the New Deal?
A series of programs and reforms enacted in the US during the 1930s in response to the Great Depression.
What was the Great Society?
A set of domestic programs launched by President Lyndon B. Johnson in the 1960s to eliminate poverty and racial injustice.
What is the Sunbelt?
A region in the Southern and Southwestern US that experienced significant population and economic growth starting in the mid-20th century.
What is the Federal Reserve?
The central banking system of the United States.
What is political polarization?
The divergence of political attitudes toward ideological extremes.
What is quantitative easing?
A monetary policy in which a central bank purchases government securities or other securities from the market in order to lower interest rates and increase the money supply.
What is a post-industrial economy?
An economy that is based on services and technology rather than manufacturing.
What is globalization?
The increasing interconnectedness and interdependence of countries through trade, investment, migration, and cultural exchange.
Causes and effects of the Great Recession?
Causes: Collapse of the housing market and financial crisis. Effects: High unemployment and slowed economic growth.
Causes and effects of the COVID-19 pandemic?
Cause: Spread of the SARS-CoV-2 virus. Effects: Business shutdowns, job losses, and slowed economic growth.
Causes and effects of the Tax Cuts and Jobs Act?
Cause: Desire to stimulate economic growth. Effects: Lowered corporate and individual income taxes, debates over income inequality.
Causes and effects of US withdrawal from the TPP?
Cause: Desire to protect American jobs. Effects: Debates over increased prices and reduced access to global markets.
Causes and effects of increased immigration to the US?
Causes: Economic opportunities, political instability in home countries. Effects: Increased diversity, demographic shifts, and debates over assimilation.
Causes and effects of the rise of social media?
Causes: Technological advancements, increased internet access. Effects: Echo chambers, easier access to information, increased political polarization.
Causes and effects of demographic changes in the US?
Causes: immigration, changes in birth rates, changes in family structure, changes in life expectancy, and changes in geographic mobility. Effects: a more diverse and urbanized population.
Causes and effects of the move to the Sunbelt?
Causes: warmer climate, job opportunities, lower cost of living. Effects: population growth in the South and West, decline in the Midwest.
Causes and effects of political polarization in the US?
Causes: role of social media, political parties, media, campaign finance, and demographic changes. Effects: Americans feeling increasingly divided along political lines.