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Declaration of Independence
A document of our country's independence.
In the stage of recovery because they are trying to get on their own two feet after the Revolutionary War.
People are starting to get money to spend and businesses are opening.
Important because it started our economic system. -
The Invention of the Cotton Gin
A cotton gin is a machine that quickly and easily separates cotton fibers from their seeds, allowing for much greater productivity than manual cotton separation.
Stage of Prosperity because goods and services were being produced at a fast rate.
Impacted the economy because more goods were being produced meaning more people could buy said goods. -
Louisiana Purchase
Thomas Jefferson buys the Louisiana Territory from France to double our land space.
Heading into the stage of Recovery because more people will be able to settle in the newly bought land. Also, those new ettlers will be able to open new business and get more jobs.
Affects our economy because it took a big chunk of money, 15 million to be exact, our of our goverrnment fund. But, now there i more land for farmers to grow their crops on meaning soon there will be prosperity. -
Passing of the Embargo Act
Congress passed the Embargo Act where restrictions were placed on imports from Great Britain.
In stage of recession because businesses were producing less, businesses were closing, and economic activity slowed down.
Impacted the economy because it was hard on U.S. farmers as well as the New England and New York mercantile because they aren't getting their materials from Great Britain. -
Passing of Homestead Act
The Homestead Act allowed settlers to claim land (160 acres) after they have lived on it for five yeaers.
Heading into the stage of prosperity because unemployment is low, Farmers are producing more crops, and new businesses (farms) are opening.
Affects the economy because it opened up new opportunities for farmers to produced more crops bettering the economy. -
Opening of the Erie Canal
The Erie Canal was dug in New York as a passage between the Hudson River and The Great Lakes.
Heading into the stage of Prosperity because all the sea merchants will now be able to sell their goods in the Great Lakes area by sailing there which will mean a greater demand for goods and services.
Impacted the economy because it opened the opportunity to ship goods the Great Lakes Region and sell them. -
Crash of Wall Street
Investors trade 16,410,030 shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the computers could not handle the great amount of trading.
In the stage of prosperity but now headed towards a depression.
Went from higher wages to extremely low.
Significant because it marked the beginning of our 10 year Great Depression. -
Period: to
Great Depression
Following the stock market crash, the Great Depression was a 10 year long period when the economy had very low activity.
In the stage of depression because unemployment is high, businesses are failing, and production of goods and services is low.
Affected the economy because it shows that if we stick together as a country, we can get through the worst of times; even the Great Depression. -
The Umployment Asisstance Act is Passed
The Act was passed for workers who have lost jobs to receive up to one full year of protection if they are unable to find employment.
In the stage of Recovery because the government is trying to decrease the unemployment rate by splitting the costs 50/50.
This event impacted the economy because it gave more money to the unemployed which in time gave them a greater opportunity to get a job. -
September 11th Terrorist Attack
Militants associated with an Islamic extremists group hijacked 4 airplanes. Two of the planes hit each of the Twin Towers, one hit the Pentagon, and the last crashed in a field in Pennsylvania.
In the stage of recession because businesses are producing less or closing.
Affected our economy because after the fact, we spend alot of government money on finding Osama Bin Laden to kill him. Also lots of government money was spent to help with disaster relief and victims of the attack. -
Hurricane Katrine
A massive hurricane around the Louisiana, Mississippi, and Alabama area caused more than $100 billion in damage.
In the stage of a deep recession because unemployment is decreasing, businesses are closing, and people have less money to spend.
Affects the economy by affecting 19% of the US oil production. Oil prices increased by $3 a barrel and gas prices reached $5 per gallon. -
Period: to
The Great Recession
The Great Recession was a time when there was a sharp decline in the economic activity.
In the stage of recession because businesses produce less, GDP declines, and people have less money to spend.
Has impacted our economy because there was a trade imbalance and since business investments collapsed, a ton of people lost jobs. -
Passing of Affordable Care Act
When the Affordable Care Act was passed, it made health insurance more affordable to lower the uninsured rate.
In the stage of recovery because unemployment started to decrease, people have more money to spend, and GDP grows.
Affected the economy because it reduced the cost of health insurance for everyone so more people could be insured if they get hurt or sick. -
Hurricane Sandy
Hurricane Sandy is a large cyclone that swept through the Carribean and up the east coast.
In the stage of a deep recession because unemployment is decreasing, businesses are closing, and people have less money to spend.
Affected the economy becasue it coused $75 billion in damage and left thousands homeless.
