Vocab Flashcard - Modern America

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a government ban on trade with other countries

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Embargo

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principle stating that communications of the executive branch should remain confidential to protect national security

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Executive Privilege

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an ongoing increase in prices and decrease in the value of money

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Inflation

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persistent inflation combined with stagnant consumer demand and relatively high unemployment

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Stagflation

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A person who generally believes the government should take an active role in the economy and in social programs but should not dictate social behavior

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Liberal

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A person who believes government power, particularly in the economy, should be limited in order to maximize individual freedom.

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Conservative

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theory that lower tax rates will boost the economy as businesses and individuals invest their money, thereby creating higher tax revenue

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Supply-Side Economics

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the amount by which expenses exceed income

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Deficit

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someone leaving his or her country due to a well founded fear of persecution on account of race, religion, nationality, membership in a particular group, or political opinion

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Refugee

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the act of granting a pardon to a large group of people

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Amnesty