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Unit 8
Recent History/Current Events
| Term | Definition |
|---|---|
| Trade Deficit | when a nation buys more goods or services from foreign countries than it sells to them (the US has had a trade deficit since 1976) |
| OPEC | Organization of Oil Exporting Countries - mostly Arab Muslim countries who used the sale of their oil to the US as an economic weapon in 1973 to protest the US support of Israel during the 1973 war between the Israelites and their Arab neighbors |
| Suburbs | the area between the city and the country which grew rapidly in the 1950’s with the families of the baby boomers buying houses - the car and highways became even more important |
| EPA | Environmental Protection Agency - a federal agency set up by Congress which was designed to protect the environment from such threats as pollution |
| Watergate | a political scandal that led to the resignation of President Nixon in 1974 |
| Economic Sanctions | actions such as boycotts, taken against a country in hope of bringing about a change in its policy often used by the UN |
| The Challenger Explosion | 1986 the space Shuttle exploded minutes after taking off and all the astronauts were killed and the flights resumed a year later after an investigation |
| Balanced Budget Amendment | many people want an amendment added to the Constitution that would require the government to limit its spending to the income it receives from taxes and to eliminate deficit spending |
| Term Limits | many people want an amendment added to the Constitution that would require a limit to the number of times a Congressman or Senator could be elected to Congress |
| NAFTA | North American Free Trade Agreement ratified by Congress in 1993 designed to slowly do away with trade barriers between the US, Canada and Mexico |
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