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28 terms

OGT Vocab. 2

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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