AP®︎ US History: Topic 9.4 Flashcards
Master key terms and definitions for Topic 9.4 of AP US History – A Changing Economy to help you prep for quizzes and the AP exam.
Postindustrial Economy
An economy increasingly based on services, information, finance, advanced technology, and global supply chains rather than mass industrial employment
An economy increasingly based on services, information, finance, advanced technology, and global supply chains rather than mass industrial employment
The output produced from a given amount of labor and resources; computers, automation, and digital communication increased it
A compact computer processor that made smaller, cheaper personal computers and computerized machinery possible
Computers that spread through homes and workplaces in the 1980s and 1990s, transforming communication, data processing, design, and production
A global digital network that expanded rapidly in the 1990s, lowering communication costs and transforming information, commerce, work, and social interaction
The buying and selling of goods and services online, pioneered on a large scale by firms such as Amazon
Portable devices combining internet access, communication, photography, navigation, and entertainment; the 2007 iPhone accelerated their mass adoption
Online platforms such as Facebook that let users publish content, create identities, organize, and maintain social networks
Unequal access to reliable internet service, digital devices, and digital skills based on income, education, age, or geography
The California region that became a major center of computer technology, entrepreneurship, investment, and concentrated wealth
The increasing integration of national economies through trade, investment, production, finance, transportation, and communication
Production systems in which research, components, assembly, marketing, and distribution occur in different countries
A 1994 agreement that gradually removed most trade barriers among the United States, Canada, and Mexico, expanding trade while increasing competitive pressure on some workers
An organization established in 1995 to oversee international trade rules and settle disputes; China’s 2001 entry intensified global competition
Automation replaces or changes tasks with machinery or software; offshoring moves production to another country
The decline of manufacturing’s share of employment and the closing or relocation of industrial facilities, even while manufacturing output remained substantial
Older manufacturing areas of the Northeast and Midwest that suffered factory closings, job and population losses, and fiscal decline
An economy with growing employment in fields such as healthcare, education, finance, retail, hospitality, entertainment, and information technology
Growth of high-skill, high-wage jobs and low-wage in-person service jobs while many routine middle-income jobs declined
The shrinking unionized share of the workforce as manufacturing declined and service work, employer resistance, relocation, subcontracting, and right-to-work laws hindered organizing, weakening worker bargaining power
Inflation-adjusted wages for many working- and middle-class Americans grew slowly after the 1970s even as productivity continued rising
The unequal distribution of income and wealth, which increased as gains became concentrated among highly skilled workers and owners of appreciating assets
Income is earnings and other receipts over time; wealth is the value of accumulated assets minus debts
The severe downturn triggered in 2007–2008 when the housing bubble collapsed, mortgage-backed securities lost value, credit froze, and millions lost jobs or homes
A system made publicly available in 1991 that made the internet easier for ordinary users to navigate
Developed the World Wide Web and made it publicly available in 1991
