Economics is the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.
Vocabulary
Stagflation- an economic condition in which prices and the rate of unemployment increase at the same time
Deregulation- the reduction or removal of government regulations on business to promote economic efficiency and free enterprise
Supply Side Economics- the theory that economic growth depends on increasing the supply of goods and services through tax cuts.
Conservative Reform- Someone who cherishes and seeks to preserve traditional customs and values.
Fiscal Policy- the approach of a government to taxes and government spending
Monetary Policy- Government policy aimed at controlling the supply and value of a country's currency.
Economic Indicators- a series of statistical figures such as the consumer price index of the gross domestic product
Vocabulary
Stagflation- an economic condition in which prices and the rate of unemployment increase at the same time
Deregulation- the reduction or removal of government regulations on business to promote economic efficiency and free enterprise
Supply Side Economics- the theory that economic growth depends on increasing the supply of goods and services through tax cuts.
Conservative Reform- Someone who cherishes and seeks to preserve traditional customs and values.
Fiscal Policy- the approach of a government to taxes and government spending
Monetary Policy- Government policy aimed at controlling the supply and value of a country's currency.
Economic Indicators- a series of statistical figures such as the consumer price index of the gross domestic product
Summary
The period of modern economics started in the 70's when the economy of America was in stagflation. That is when unemployment and inflation increases. This led to a recession from 1973-75. Through the 80's and 90's presidents such as Nixon, Bush, and Raegan tried to stabilize the economy, both in foreign and domestic affairs.