Technological and Economic Changes

A person who believes government power, particularly in the economy, should be limited in order to maximize individual freedom.

The lifting of government restrictions on business, industry, and professional activities.

To delay by being evasive.

To bring back to rightness, order, or morality.

first elected president in 1980 and elected again in 1984. He cut out many welfare and public works programs.

An economic philosophy that holds the sharply cutting taxes will increase the incentive people have to work, save, and invest.

Scandal including arms sales to the Middle East in order to send money to help the Contras in Nicaragua.

(1990 - 1991) Conflict between Iraq and a coalition of countries led by the United States to remove Iraqi forces from Kuwait which they had invaded in hopes of controlling their oil supply.

42nd President (1993-2001) advocated economic and healthcare reform; second president to be impeached

North American Free Trade Agreement; allowed open trade with US, Mexico, and Canada.

43rd president of the US who began a campaign toward energy self-sufficiency and against terrorism in 2001

Web-based economic activities.

Where the majority of people earn their living by providing a service rather than manufacturing a product.

Technological change created by the invention of the microchip and the internet.

A planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient.