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Civil War
During this time, the economy was expanding. There were high employment rates because of the war. This impacted th economy in a good way because there weren't many jobless people and everyone pretty much was making a profit. The economy was at a high point. Source: http://www.nps.gov/resources/story.htm?id=251 -
The Great Depression
During this time, the United States was enterring a time of depression which is a severe contraction in economic growth which makes for many unemployed men and women. The Great Depression impacted the economy because many people lost their jobs and economic growth declined by about 15 perceent in a single year. -
World War 2
During this time, the business cycle was at a high point, it was going through expansion. Because of World War 2, the country demanded high employment and productivity. Annual growth in GDP during this time was the largest the U.S, has ever seen. This impacted the economy because it allowed for high employment rates. -
The Korean War
The economy was expanding during this time. GDP was increasing with each new year and the interstate highway system was modernized. These were all good things for the economy, it meant the emplyment rate was high and modernized roads made for a safe and easier way to get around. -
OPEC Oil Embargo
The economy was in a recession during this time. Oil prices were quadrupled due to a recent war in the Middle East, and grain prices were raised because of poor weather, which resulted in crop failures. This effected the economy because it made everything harder to afford, so business made less profit because people didn't buy as much. -
The Gulf War
During this time our economy was in a recession. It was a brief time of unemployment and low GDP. After the gulf war though, our country entered a period of expansion beginning 1991. This event affected our economy because it made many lose their jobs and they were less able to support their families. -
1991-2001
I'm unsure of the dates but the years 1991-2001 were a time of expansion. It was the longest period of expansion the U.S. has ever seen. Some economic indicators were high GDP and good employment rates. This event impacted the economy in a good way because it allowed for families to be well supported and there wasn't a lot of poverty until the economy entered a recession in the first decade of the 21st century. -
September Attacks
During this time the economy was entering a recession. There was an increased amount of unemployment. This event in our history greatly impacted our economy. Our unemployment rates went up as well as our GDP went down. We began to produce less products.
Source: http://fas.org/irp/crs/RL31617.pdf
