Glossary
2008/2009 Great Recession
A severe economic recession in the United States that began in December 2007 and ended in June 2009, triggered by a collapse in the housing market.
Example:
During the 2008/2009 Great Recession, millions of Americans lost their homes and jobs, leading to widespread financial distress and government intervention.
Amazon
An American multinational technology company focusing on e-commerce, cloud computing, digital streaming, and artificial intelligence.
Example:
The convenience of ordering almost anything from Amazon and having it delivered to your doorstep revolutionized retail.
Apple
An American multinational technology company known for its consumer electronics, software, and online services.
Example:
The launch of the original Macintosh computer by Apple in 1984 revolutionized personal computing with its graphical user interface.
Automated
Refers to processes or tasks performed by machines or computers, reducing the need for human labor.
Example:
Modern car factories heavily rely on automated robotic arms to assemble vehicles, increasing efficiency and precision.
Cell phones
Portable electronic devices used for mobile telecommunications, evolving from basic voice calls to advanced multimedia capabilities.
Example:
The widespread adoption of cell phones in the 1990s meant people could be reached almost anywhere, changing personal and professional communication.
Cellular phone
A portable telephone that can make and receive calls over a radio frequency link while the user is moving within a telephone service area.
Example:
Early cellular phones were bulky and expensive, primarily used by business professionals for calls on the go.
Desktop computers
Personal computers designed for regular use at a single location, typically on a desk or table.
Example:
In the 1990s, having a desktop computer in the home became increasingly common, allowing families to access the internet and play games.
Dot Com Bubble
A speculative bubble from 1995–2000 during which stock markets saw rapid growth in US technology stocks, followed by a sharp decline.
Example:
Many internet startups with little revenue but high hopes for future profits saw their stock prices soar during the Dot Com Bubble, only to crash dramatically when the bubble burst.
Ebay
An American multinational e-commerce company that facilitates consumer-to-consumer and business-to-consumer sales through its website.
Example:
Collectors often turn to Ebay to find rare items, from vintage comic books to antique furniture, through its auction and buy-it-now features.
Economic inequality
The unequal distribution of income, wealth, or opportunities among individuals or groups within a society.
Example:
Concerns about economic inequality often arise when the wealthiest segment of the population sees significant gains while the middle and lower classes struggle.
A method of exchanging digital messages from an author to one or more recipients over the internet.
Example:
Students today often submit assignments via email, a stark contrast to the days of handwritten papers.
A popular social networking service launched in 2004, allowing users to create profiles, share updates, and connect with friends and family.
Example:
For many, Facebook became the primary way to keep up with distant relatives and old high school friends, sharing photos and life events.
Globalization
The increasing interconnectedness of countries through the exchange of goods, services, information, and culture.
Example:
The rise of multinational corporations like Nike, which manufactures products in various countries and sells them worldwide, is a prime example of globalization.
Group of 20 (G20)
An international forum for the governments and central bank governors from 19 countries and the European Union, representing the world's major economies.
Example:
The Group of 20 (G20) was formed to address global economic challenges, especially after the Asian financial crisis, by including more emerging economies in discussions.
Group of 8 (G8)
A forum of the governments of eight leading industrialized nations that met annually to discuss global economic and political issues.
Example:
Leaders from the Group of 8 (G8) would convene to coordinate policies on issues like climate change, economic stability, and international security.
A social media platform focused on photo and video sharing, allowing users to apply filters and share content with followers.
Example:
Influencers often build their brands on Instagram, showcasing products and lifestyles through visually appealing photos and short videos.
Internet
A global computer network providing a variety of information and communication facilities, consisting of interconnected networks using standardized communication protocols.
Example:
The internet transformed how people communicate, shop, and access information, making the world feel much smaller.
Match.com
An online dating service that helps individuals find romantic partners through profiles and algorithms.
Example:
Before mobile apps, Match.com was one of the pioneering online platforms where people could create detailed profiles to find compatible partners.
Microsoft
An American multinational technology corporation that produces computer software, consumer electronics, personal computers, and related services.
Example:
The widespread adoption of the Windows operating system by Microsoft made personal computers accessible to millions globally.
Minimum wage
The lowest wage per hour that a worker may be paid, as mandated by federal or state law.
Example:
Debates often occur over whether the minimum wage should be increased to ensure a living wage for all workers, especially in high-cost-of-living areas.
MySpace
An early social networking website that was popular in the mid-2000s, allowing users to create profiles, connect with friends, and share music.
Example:
Before Facebook, MySpace was the go-to platform for bands to share their music and connect with fans, often featuring customizable profile pages.
NAFTA
The North American Free Trade Agreement, a pact signed by the United States, Canada, and Mexico, creating a trilateral trade bloc in North America.
Example:
NAFTA eliminated most tariffs on products traded between the three countries, leading to increased cross-border commerce but also concerns about job displacement.
Paypal
An American company operating an online payments system in the majority of countries that support online money transfers.
Example:
When buying items online from various vendors, many people use Paypal for secure and convenient transactions without sharing their bank details directly.
Racial wealth gap
The disparity in wealth accumulation between different racial or ethnic groups, often stemming from historical and systemic factors.
Example:
The persistent racial wealth gap in the United States is evident in the significant differences in homeownership rates and accumulated assets between white and minority households.
Rust Belt
A term for the region of the northeastern and midwestern United States that has experienced industrial decline, job losses, and urban decay since the 1970s.
Example:
Many cities in the Rust Belt, like Detroit, struggled as their once-thriving auto manufacturing plants closed down, leading to significant economic hardship.
Smartphones
Advanced mobile phones that combine the features of a personal computer with cellular phone capabilities, including internet access and apps.
Example:
The introduction of smartphones like the iPhone revolutionized mobile technology, making apps and constant internet connectivity commonplace.
Tax cuts
Reductions in the amount of tax that individuals or corporations are required to pay, often implemented to stimulate economic growth.
Example:
Proponents of tax cuts argue they incentivize investment and job creation, while critics contend they disproportionately benefit the wealthy.
Tinder
A popular mobile dating application that allows users to find potential matches based on location and mutual interest.
Example:
The rise of apps like Tinder transformed dating, making it easier for people to meet new individuals outside of traditional social circles.
Trans-Pacific Partnership (TPP)
A proposed free trade agreement among twelve Pacific Rim countries, aiming to deepen economic ties and reduce tariffs.
Example:
The Trans-Pacific Partnership (TPP) sought to create a vast free-trade zone, but the United States ultimately withdrew from the agreement.
A social media platform (now known as X) where users post and interact with short messages called 'tweets'.
Example:
News organizations and politicians frequently use Twitter to disseminate information quickly and engage in public discourse.
World Trade Organization (WTO)
An intergovernmental organization that regulates and facilitates international trade, aiming to reduce barriers and ensure fair trade practices.
Example:
The World Trade Organization (WTO) mediates trade disputes between member countries, such as disagreements over tariffs on imported goods.
World Wide Web
An information system on the internet that allows documents and other web resources to be accessed via hyperlinks.
Example:
Before the World Wide Web, accessing information online was much more complex, often requiring specific software and direct connections to servers.
Xanga
An early blogging and social networking site popular in the early to mid-2000s.
Example:
Many teenagers in the early 2000s used Xanga to share their daily thoughts and photos in a blog-like format with their friends.
iPhone
A line of smartphones designed and marketed by Apple Inc., known for its user-friendly interface and ecosystem of apps.
Example:
The launch of the iPhone in 2007 set a new standard for mobile devices, popularizing touchscreens and mobile app stores.