OGT Vocab. 2

Created by Lexxrae 

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Amendments

Changes the text of the US Constitution

Reconstruction Amendments

13, 14, and 15

13th Amendment

abolished slavery

14th Amendment

gave former slaves the rights of citizenship and equal protection under the law

15th Amendment

gave right to vote to all male citizens of all races

19th Amendment

gave right to vote to women

26th Amendment

gave right to vote to 18yr olds

Affirmative action

program established to correct past injustices to minorities, requiring the hiring of more women and minorities

Electoral

voting

Plessy v. Ferguson

"Separate but equal"; Made segregation legal

Brown v. Board of Education

"Separate was inherently unequal"; required integration of schools

University of California v. Bakke

Cannot use racial quota, but can take race into account as a factor; affirmative action plans are okay if designed properly

Taxes

a sum of money to be paid by people and business to the government to be used for public services

Fiscal policy

Using government spending and taxation to regulate the economy

Inflation

A general rise in prices

Recession

an economic downturn

Monetary Policy

using interest rates and reserve requirements to regulate the economy

Money Supply

the amount of money in public hands

Federal Reserve System

controls the nation's money supply

Interest Rate

Money paid for the use of money lent

Reserve Requirement

percentage of deposits that banks must keep in their reserve that is not loan able

Tariffs

special tax on imported goods

Quota

restrictions on a number of goods that foreign countries can import to us

Blockade/embargo

a complete prohibition of trade with another country

Protectionism

protecting US products by using tariffs, quotas, etc.

Free Trade

No trade restrictions between countries

Specialize

concentration production on the kinds of goods & services a country produces best

Open Market Operations

buys and sells government bonds

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