Social Science

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6 Native American Tribes living in Florida during European exploration

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Timucua

Calusa

Apalachee

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Prince Henry

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Navigator of Portugal. He began investing inPortugal’s navy through the creation of better ships that could sail faster and fartherthan previous ships. Portugal explorers began sailing up and down the coast ofAfrica, eventually sailing around the tip of Africa and finding India. Prince Henry’ssuccess increase naval innovation to create bigger, stronger, faster ships to increaseprofits.

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Early Native Americans

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migrated from Asia to North and South America through theland bridge between Asia and Alaska. They migrated south into modern day Mexicoand Argentina, founding large, technologically advanced empires.

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The Inca Empire

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was the largest Mesoamerican empire. It was located along thePacific coast of South America with Cuzco as its capital city.

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The Spanish Conquistador Pizarro

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conquered the Inca Empire in 1533.

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the Spanish conquistador Cortes.

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Conquered the Aztec empire

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Aztec Empire

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located in central Mexico with their capital of Tenochtitlan inmodern day Mexico City. Vast and connected through roads. The population wasethnically diverse and many regions were allowed to govern themselves, with theexpectation of tribute to be paid to the Tenochtitlan.

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The Mayan civilization

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began forming around 2000 B.C and reached its peak from200-900 A.D. At the height of their empire, they occupied modern-day southernMexico and Guatemala. Consisted of an agricultural city-centeredeconomy maintained by large city-states. They built large pyramids for religiousceremonies. Around 1000 A.D, the Mayan empire began declining.

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Hernando Cortez-

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Was the first conquistador to conquer an empire. Usingadvanced military tactics, weaponry, and recruiting local natives that did not likethe Aztecs Cortes was able to overthrow the Aztec government. The plunder Corteztook was sent back to Spain and encouraged other conquistadors to sail to Americato find wealth.

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Francisco Pizarro

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Conquered the Inca empire and founded Lima, themodern-day capital of Peru. Pizarro’s conquest is very unexpected as he had fewmilitary forces and was heavily outnumbered. He used manipulation and guile tosucceed in his conquest.

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Alvar Nunez Cabeza de Vaca

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Explored the southwest territory ofwhat is now the U.S. states looking for “Cibola,” or the Seven Cities of Gold. Althoughhe did not find any cities of gold, Cabeza de Vaca recorded accurate accounts ofinteraction with the Native Americans and mapped the geographic characteristics ofthe land.

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Northwest Passage

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awater route through North America that would facilitate trade with Asia. French explored this starting in the Hudson Bay to find a way to the Pacific.

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French traders

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began establishing colonies to export furs and fish to Europe. Frenchfisheries were founded along the ocean and Hudson Bays, as these were the mostadvantageous geographic locations.

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The Dutch

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established colonies in the Caribbean sea and modern day Manhattan,NY. The Dutch’s primary purpose in colonization was the increase of wealth throughtrade. They established a strong naval presence to protect their trade, whichspecialized in sugar, spices, and slaves.

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But in 1588,the English Navy, lead by Sir Francis Drake

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defeated the Spanish Armada in anunexpected victory. The defeat of the Spanish Armada established England as thepremier European naval power.

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The Pilgrims were Protestant Separatists

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(meaning they wished to separate thefrom the Church of England rather than try to purify it from behavior they deemedunrighteous)

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The Mayflower Compact

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is consideredthe establishment of the first self-regulating government since the Roman Republic.Based upon principles of democracy found in Ancient Rome and Greece and a moralstandard based on the Bible, the Mayflower Compact was signed by the men of thecolony. In signing, they agreed to live under the common rules and law decided bythe majority of the colonist.

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John Winthrop

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Governor appointed by the pilgrims

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Roger Williams

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was banned from the Massachusetts Bay Colonyand went to found Rhode Island. He founded the colony with the help of otherreligious outcast, such as Anne Hutchison, and declared Rhode Island a place ofreligious freedom.

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Mercantilism

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is the economic belief that a countries wealthis measured by its gold reserves and countries should export more than they importto build the wealth of the nation.

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the House of Burgess

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would be enacted inVirginia, which allowed colonist to have a representative voice in the laws of thecolony.

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The Seven Years War

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began over land disputessurrounding the Appalachian Mountains. As colonist began expanding, they lookedwest to the Ohio River Valley. However, the French fur trappers had already claimedthe land for France and Indian tribes were scattered throughout the land. Theconfrontation escalated to full-blown war in 1754. The French and many NativeAmerican tribes allied together to fight the British. British won.

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Proclamation of 1763

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This was issued by King George and stated that colonistwould not be allowed to settle the Ohio River Valley. King George decided this wasthe best course of action because protecting the colonist from the Native Americansliving in the land would be too expensive. This angered the colonist because theyhad fought a war over the right to settle the land and were now being told that theycould not settle the land they had fought for.

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French cessation of land

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The French ceded their lands west of the Mississippi toSpain to compensate them for their loss of Florida, which Spain was forced to givethe British. This land would later be regained by Napoleon in a secret deal in 1801;Napoleon would later sell the land to the U.S. for fifteen million dollars in 1803.

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Sugar Act- 1764

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Placed a tax on sugar along with textiles, coffee, wines, and indigo.It also forbid the importation of foreign rums and French wines (France had a largenetwork of sugar plantations in the Caribbean and the rum is made from sugar).This tax was placed on all British colonies throughout the empire.

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Stamp Act- 1765

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A tax levied only on the American colonies. This act placed a taxon all printed materials. This tax affected the most influential colonists: lawyers,publishers, land owners, shipbuilders and merchants.

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Quartering Act- 1765

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Required colonist to provide room and board to all Britishsoldiers.

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Townshend Act- 1767

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Placed new taxes on imported items such as paper, glass, tea,lead and paints. These new taxes were implemented to cover the cost of protectingand the administration of the American colonies.

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Boston Massacre- 1770

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A group of soldiers fired into a mob that was harassingthem. The shots killed three individuals. The Boston Massacre is a symbol of thetension between the colonist and British during this time.

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Tea Act- 1773

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This actually reduced the cost of tea, but allowed a British trader tobypass typical middlemen and sell directly to the colonist. The British East IndiaCompany lobbied Parliament for this act, which established them as a monopoly.

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Boston Tea Party- 1773

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Colonist disguised as Indians snuck aboard a British EastIndia Company ship and dumped hundreds of pounds of tea into Boston harbor inprotest of the Tea Act.

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First Continental Congress- 1774

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Representatives from 12 of the 13 colonies(Georgia did not send representatives) voiced their opposition to the new taxationacts and Parliaments taxation without representation. This was the beginning thecolonist unifying against British policies.

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Louisiana Purchase

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Delegates of Jefferson bought the Louisiana Territory from Napoleon when sent to ask to buy Port Orleans for 10 million. Property from Mississippi River to Rocky Mountains.1803.

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From 1804-1806, Meriwether Lewis and William Clark

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explored the recently purchasedLouisiana Territory. They were the first Europeans to explore the area and describe theresources, plants, and wildlife.

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Robert Fulton

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In 1807, he made his maiden voyage with a steamboat,marking the beginning of the use of steamboats through America.

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The War of 1812

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"The Second War of Independence." Between the US and the British Empire.The British Navy would rain American ships and force Americans into the British Forces. The war ended with the signing of the Treaty of Ghent with neither side gaining or losingsignificant amounts of land. The end of the war ushered in the “Era of Good Feelings".

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Andrew Jackson - The Battle of 1812

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His exploits at the Battle of New Orleansbrought him fame overnight.

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The Missouri Compromise of 1820

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Masterminded by Henry Clay. Was a political compromise between pro-slavery andanti-slavery groups in Congress. The issue of the compromise was whether or not theterritory of Missouri could enter the Union as a slave state and how the issue of slaverywould be addressed in future territories. Uneven amount of senators in the Union and the Confederacy. TheCompromise allowed Missouri to be inducted into the Union as a slave state while theterritory of Maine would be inducted as a free state, keeping balance in the Senate.

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The Monroe Doctrine

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was a foreign policy created under President James Monroe thatestablished all lands in the Americas were not to be colonized by European powers and anycolonization attempts would be construed as an act of aggression toward the United States.

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The Trail of Tears - early 1800's

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The Trail of Tears refers to the mass relocation of NativeAmerican tribes to the western territories, most notable Oklahoma, and does not refer to asingle, specific trail. Massive amount of native american death along the way.

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The Mexican American War - 1845

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the United States annexed the Republic of Texas, which ignited a war with Mexicobecause they felt they still had a right to the Texas lands. The war did not last long as theUnited States was a stronger military and economic power. The war ended with the signingof the Treaty of Guadalupe Hidalgo in 1848. The treaty gave the northern Mexican lands tothe United States, including modern day California, Nevada, Utah, and Arizona, in exchangefor 18 million dollars. The result of the Mexican-America War was America finally achievedstretching from one ocean to another.

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The Compromise of 1850

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The Compromise consisted of five separate bills, each accomplishing adifferent purpose:1. Texas gave up many of its western lands in exchange for 10 million dollars.2. The Fugitive Slave Act of 1850 was passed, requiring citizens in any state toassist in the capture and return of runaway slaves.3. The slave trade was abolished in the District of Columbia.4. The New Mexico, Arizona, and Utah territories were established, and each statewould decide for itself to allow slavery or not.5. California was admitted into the Union as a free state.

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abolitionist

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someone who believed slavery waswrong and immoral.

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The Underground Railroad

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In the 1830s, a network of secret houses and routes emerged to help slaves escape theslavery of the South and find freedom in Canada or Europe.

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Uncle Tom’s Cabin.

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Published in 1852 by Harriet Beecher Stowe. She portrayed the horrors ofslavery and caused an increased support for abolition throughout the North and key partsof Europe.

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William Lloyd Garrison

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Garrison began publishing The Liberator, a newspaper dedicated toabolition. Garrison founded the American Anti-Slavery Society, which became an outlet forabolitionist work.

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John Brown

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attempted toincite a slave rebellion in 1859. Brown led a band of twenty-two men on a raid to gatherweapons from an arsenal in Harper’s Ferry, Virginia. Brown was not successful andeventually he was hanged for treason, but his impact and bold action has led manyhistorians to consider him a significant catalyst of the Civil War.

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The Battle of Gettysburg - 1863

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Robert E. Lee desired to invadethe North in hopes of breaking the North’s desire to continue the war. Thebattle ended in defeat for the South. The Confederate army was forced to retreat, endingany hopes of the intended invasion or recognition by the European countries.

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Sherman's March to the Sea - 1864

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General Sherman & Ulysses S. Grant would lead hisforces through the South where the goal of the campaign was to break the South’s desirefor war by destroying everything in Sherman’s path. The Union would burn crops, destroylivestock, consume supplies, and destroy the infrastructure of a town, and then they wouldmove to the next town and start again. Eventually, the South was unable to fight any longerand surrendered on April 9, 1865.

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Reconstruction Era

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the period in the United States after the Civil Warwhere legislation was passed to ensure equality among all men regardless of race and torebuild the nation’s infrastructure destroyed during the war, most notably in the southernregions. The notable achievements of Reconstruction were the ratification of theThirteenth, Fourteenth, and Fifteenth Amendments.

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Plessy v.Ferguson

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upheld the “separate but equal” clause, more or less institutionalizing racismthroughout the South.

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Spanish-American War

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On February 15, 1897, the USS Maine sank in the port of Havanaand America blamed the Spanish. This was the last straw for the American sentiments andthe United States declared war on Spain. The war was fought in the Atlantic and the Pacific. The war only lasted four months and theUnited States was the clear victor in the conflict. Ended with the Treaty of Paris.

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Treaty of Paris (1898)

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the UnitedStates gained Spain’s colonies in the Philippines, Guam, and Puerto Rico; and Cuba gainedits independence in the treaty.

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First Trans-Continental Railroad

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1863-1869 built by the Central PacificRailroad of California and Union Pacific Railroad. The railroad connected the Atlantic andPacific Oceans and cut the travel time from the east coast to the west coast from six monthsto six weeks.

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the Wright brothers

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In 1903 they were the first humans to achieve sustained human flight in anairplane.

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Henry Ford

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In 1909 he rolled his automobile, the first Model T, off an assembly line and in the processrefined the process of mass production in an assembly line.

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World War 1

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1914 - 1919. US involvement on April 6th, 1917. Germany sent the Zimmerman Telegraph informing Mexico that they planned to start war with the US and if Mexico joined them Germany would give lost lands of Arizona, New Mexico, Texas, and California back to Mexico. The US entered the war & on June28, 1919, the Treaty of Versailles ended World War I and ushered in the Roaring Twentiesback home in America.

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Lusitania

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German U-boat sank the British ship Lusitania in 1915 with128 Americans on board. President Wilson refused to enter WW1

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Sixteenth Amendment (1909)

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This allows the government to collect taxes on income. Asland sales began to decline, the government needed an additional source of revenue. Theincome tax amendment was passed and allowed Congress to levy taxes on the incomes ofpersonal citizens and businesses.

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Seventeenth Amendment (1912)

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This allows the direct election of senators by thecitizens of the state. Prior to the Seventeenth Amendment, state legislatures chose whichsenators would represent the state in Congress; the idea of this was the Senate wouldprotect the interest of the states while the House of Representatives would protect theinterest of the people.

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Eighteenth Amendment (1917)

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This established the prohibition of alcohol. Thisamendment is the result of the temperance movement throughout the 1800s and early1900s. The amendment proved a failure as America did not stop drinking, but ratherfunneled large amounts of money to illegal criminal organizations that provided thealcohol. The Eighteenth Amendment would be repealed by the Twenty-firstAmendment in 1933.

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Nineteenth Amendment (1919)

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This allows women the right to vote. Prior to theamendment, only men were allowed to vote in elections.

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The Seneca Falls Convention

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was the first women's rights convention. It advertised itself as "a convention to discuss the social, civil, and religious condition and rights of woman.

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John T. Scopes Monkey Trial

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In 1925, John T. Scopes was tried for violating Tennessee’s Butler Act, which made it acrime to teach evolution. It is a landmark case as it paved the way for evolution to be taughtin public schools.

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The Great Depression

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On October 29, 1929, the United States stock market crashed causing many of the otherstock markets around the world to crash as well. The day, known as Black Tuesday. Theheight of the Great Depression came in 1933, which was marked by 25% unemployment.

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The New Deal

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During the Great Depression, President Franklin D. Roosevelt implemented a set ofeconomic policies known as “The New Deal.” Although many New Deal programs are no longer in existence, some did survive such asSocial Security and Unemployment Benefits.

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Smoot-Hawley Tariff Act of1930

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Key contributor to the Great Depression. This act placed a tariff on over 20,000 imported goods. The goal of the Act was toprotect American jobs, but countries negatively affected by the Act created retaliatorytariffs. This caused a sharp decrease in international trade.

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Pearl Harbor

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On December 7, 1941, the Imperial Japanese Navy conducted a surprise attack on the portof Pearl Harbor in Hawaii, where most of the Pacific fleet of the United States Navy wasstationed. The attack was supposed to be a preemptive strike to prevent the United Statesfrom interfering with the Japanese Empire’s plan to expand their empire in the Pacific.

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D-Day

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On June 6, 1944, the Allied forces invaded Normandy beach. The invasion of Europe had begun. War in Europe continued for eleven months until May 7,1945 when the German army issued their unconditional surrender. The Japanese did not surrender until August 14, 1945 after two atomic bombs weredropped on Japan.

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The Cold War

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After WW2. A non-violent war between the US and the Soviet Union.

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The Fertile Crescent

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Many of the most notable ancient civilizations grew out of the Fertile Crescent, as this is thelocation of the Nile, Tigress, and Euphrates Rivers. The Fertile Crescent encompasses themodern-day countries of Egypt, Israel, Palestine, Jordan, Syria, and parts of Iraq.

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The mostsuccessful civilization during the Bronze Age was...

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Egypt for two reasons: the first is the Nileprovided a great source of water and the annual flood kept the farmland fertile, the secondreason is Egypt had a natural fortification with three desert and the Mediterranean Sea; thenatural fortification protected Egypt from invasion by foreign armies and allowed theEgyptians to focus on technological advancement and not military strategy.

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Development of language and writing

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The Egyptians developed a system of writing known as hieroglyphics, which is aform of picture writing on papyrus. The Phoenicians developed an alphabet that becamethe model later for western alphabets. The alphabet spread to Greece, and the Greeksadded vowels to the alphabet, thus making an important contribution to the enrichment ofcivilization.

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The Hebrews

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whose story can be found in the book of Genesis, created a civilization basedupon the idea of one God. Their sacred text, the Torah, describes God as one being. Thisgave rise to the monotheistic concept of their religion.

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Polytheism

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The belief in multiple deities defined their way of life.

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Alexander the Great

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Arguably the best military commander in history; conqueredthe known world in twelve years; responsible for spreading Hellenistic (Greek)culture throughout the known world; died at the age of thirty-three.

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The largest Romancontributions to Western society were

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the organization of the central government andwritten laws , creation of an army, architecture, and the Latin language .

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Punic Wars

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Roman Empire victory in warsagainst the Phoenicians for dominance of the Mediterranean Sea.

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Julius Caesar

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In 44 BC, Julius Caesarwas named Emperor of Rome and was assassinated in an uprising against his power grab.Augustus filled Caesar’s seat of power, being the first ruling emperor of Rome.

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The decline of Rome can becontributed to the

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decline in the loyalty of the army, the invasion of Germanic tribes, andthe inefficiency of the government. Eventually, the Roman Empire split into two empires:the Western and Eastern Empires.

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Hinduism

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uses the ancient text known as the Vedas for teaching. The rise ofHinduism resulted in the caste system in India, where an individual is born into a socioeconomicclass and is required to stay in that class the length of their life. An individual canmove up or down in a class in their next life, but moving up or down is determined by theactions in their current life.

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Buddhism

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based on the renunciation of worldlydesires, wealth, and the attainment of objects. To find happiness, one has to follow aspiritual way of life, and to reach enlightenment, it takes study and renouncement ofmaterial wealth. Buddhism found little support in India, but this mountain religion diffusedto Southeast Asia, Tibet, China, and Japan.

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The most notable contributions from Ancient Egypt are

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their advancements inmathematics, written language (Hieroglyphics) and the advancements in agricultural andmilitary technology. Their most famous achievement is the creation of the Great Pyramidswithout the use of the wheel.

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The most notable contributors from the Mesopotamian Empire are

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in the fields ofmathematics and government. The Mesopotamian established an efficient governmentsystem that promoted trade and laid the groundwork for advancements in political science.

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The most notable contributions from Ancient Greece are

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in the fields of mathematics,government, philosophy, architecture and naval technology. Pythagoras to establish the Pythagorean Theorem. Eratosthenes to calculate the circumference of the earth. Alexander the Great spreadHellenistic culture across the known world through his military conquest.

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The most notable contributions from Rome are

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in the fields of military technology, politicalscience, architecture, and language.

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Charlemagne (Charles The Great)

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encouragededucation and the building of libraries. He was a religious man and at times forced peopleto convert to Christianity.

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Mohammed

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In AD 622 he prophetically founded a new religion, Islam, meaning “submission to the will of God”.

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Genghis Khan

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A desert, nomadic people from Mongolia, which is a region of high, dry plateaus north ofChina, migrated on horseback and conquered the land from China to Eastern Europeincluding Russia and Persia. They were led by an able warrior known as Genghis Khan,which means universal ruler. Invented stirrups and crossbows.

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The Silk Road

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ran from China through Afghanistan and into Persia and Eastern Europe. Itwas a trade route traversed by camel caravan and established for safety purposes sotraders could travel from China to Europe and back. Jade, silk, and spices were sent toEurope while wool, silver, and gold were sent to China.

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The most powerful institution in medieval Europe

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The Roman Catholic Church.

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The Plague

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From 1348 to 1350, a plague known as the Black Death, swept across Europe killing 30-60percent of the population. The catalyst of the plague was trade ships carrying infectedrodents.

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The Renaissance

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The Renaissance (14th and 15th century), which means “rebirth”, was a philosophical andartistic movement that began in northern Italy. It was an era of renewed interest in theancient civilizations of Greece and Rome. The Crusades led to an opening of trade routeswith the Arabic nations;

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Johannes Gutenberg

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invented the printing press in 1450

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Mercantilismphilosophy

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viewed colonies as a created benefit for the parent country, and the economicmaterials created by the colonies should be used for the benefit of the parent country.

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“triangle trade”

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merchants would take manufactured goods such as guns and cloth from Europe toAfrica and trade these for slaves; slaves were then taken to the colonies and traded for rawgoods such as cotton and tobacco; merchants would then take the raw goods to Europe andtrade them for manufactured goods.

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Regions

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areas of the earth’s surface that have similar characteristics.

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The Great Plains.

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Iowa, Kansas, Montana, Nebraska, North Dakota, Wyoming, Oklahoma, and Colorado. tall grasses, prairies, farmland, and vast undevelopedareas.

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functional region.

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Instead of sharing physical features, this typeof region serves as a central location for a service.

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Cultural regions

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are identified by shared human characteristics such as language, religion,tradition, and the economy.

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The Ring of Fire

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San Andreas Fault inCalifornia between San Francisco trending south toward Mexico

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The Dust Bowl of the 1930s

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was a combination of prolongeddrought followed by high winds. The combination resulted in the loss of vegetation and thetop layer of soil. Texas and Oklahoma lost much of its topsoil, as it was picked up by thewinds and transported out to sea.

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components which make up the biome.

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Components include:location, food chains, temperature, average precipitation, flora (plant life), fauna (animallife), human interactions, and soil characteristics.

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orographic lift.

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The precipitation falls on the windwardside, leaving a dry air mass in the descending winds; therefore, desert-like conditions existon the lee side of the mountain.

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Republicanism

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A republic is a state in which supreme power is held by the people andtheir elected representatives. Republican governments have small branches of authoritythat elect leaders to govern the whole. This can be seen throughout the United Statesin any instance where a large population elects an individual as a representative(Electoral College, House of Representatives, Senate).

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Checks and Balances

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The idea that each area of government has certain powers overanother. The underlying assumption is as one branch tries to assume powers notgranted to it in the Constitution, another branch would exert their “check” to ensure abalanced power in government.

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Federalism

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A system of government where multiple, smaller governments covenanttogether to have a central government rule over them. In the early years of America,supporters of the Constitution were known as Federalists- as the Federal governmentwould have a considerably more authority over the colonies than before with theArticles of Confederation. Anti-Federalist were individuals who felt the Federalgovernment would have too much power over the individual states.

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Separation of Powers

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Separating the various powers of government- making thelaws, enforcing the laws, interpreting the laws- into separate and distinct branches sono one branch of government would have unequal power.

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Popular Sovereignty

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The idea that all powers of government ultimately rest in thepeople. This idea is contrasted with a Monarchy, Empire, or Aristocracy. The idea ofPopular Sovereignty was implemented by America, using a Republic system ofgovernment. Governments serve at the request of the citizen- not vice versa.

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The Great Compromise

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Refers to the compromise to divide Congress into two houseswith one house’s representation (The House of Representatives) based upon a State’spopulation and the other house’s representation (The Senate) based on two membersper state. This reflects the larger state’s desire for increased power due to largerportion of the population and the smaller states desire for a meaningful voice.

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Federalist Papers

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Written by 3 men- James Madison, Alexander Hamilton, and JohnJay- who supported the ratification of the Constitution. The papers were written topersuade colonist to adopt the Constitution and outline the purpose and motivationbehind each article of the Constitution.

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Bi-lateral Congress

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Congress has two house- The Senate and The House ofRepresentatives. The Senate has two members from each state. The House ofRepresentatives has one member for every 708,000 people in each state. The House iscapped a maximum 435 members. A State’s representation will alter depending on datafrom the Census, which is administered every ten years.

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Sherman Anti-Trust Act-

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This legislation is a landmark case of Federal involvement inregulation in the economy. The Act paved the way for future economic policy that regulatedcorporations, the stock market, and interstate commerce.

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The Great Society

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created many new government agencies to fulfill its goal of ending poverty in America. TheGreat Society also saw the wide implementation of the welfare system- giving money to thepoor to help them purchase daily necessities.

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Reganomics

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Reduce government spending Reduce the income tax and capital gains tax (capital gains taxes the incomeearned from investments) Reduce government regulation of corporations Control the money supply to reduce inflation.

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Twenty-sixth Amendment

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Voting age is 18.

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Feudalism

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The structuring of a society around providing a service or labor in exchange forland and protection. This societal structure was most prominent during the Dark Ages

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Republic

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A system of government where the population elects representatives torepresent their interest in the legislative process.

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Monarch

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One individual rules the entire country

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Communism

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A group of leaders dictate the allocation of resources to the entire population.There is no private property, typically very few individual rights, and the state owns allresources throughout the country.

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Socialism

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The state redistributes resources from the wealthy to the poor and providesmany social services to the population. Typically taxes and regulations are very high toensure the main goal of socialism- equality of the population.

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Scarcity

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This term refers to the fundamental issue that humans do not have all theresources necessary to fulfill every human need and desire.

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Opportunity Cost

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the idea that every decision has a cost, whether there is a monetaryvalue attached or not.

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Capitalism

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an economic system where the means of production are privately owned andoperated to make a profit.

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John Maynard Keynes

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A British economist in the early 1900s. Keynes advocated that thefree market can lead to economic inefficiencies and governmental intervention can lead toa stable, productive economy. He promoted a mixed economy of free markets andgovernmental intervention.

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Pure Competition (Perfect Competition)

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A market where products are almost exactly thesame and there are infinite competitors. Each market consist of so many firms creating thesame profit that no profit is made and consumers typically go with the cheapest product.

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Oligopoly

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a market where only a few sellers are present. This can be observed in the mailmarket (where the general sellers are the United States Post Office, Federal Express, andUnited Postal Service)

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Monopoly

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A market where one firm controls the price, production, and supply of a good.The monopoly firm sets the price and demand is very inelastic. There is no competition andconsumers are at the mercy of the manufacturer.

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Absolute advantage

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the ability by an entity to produce more of a good or service thananother entity using the same amount of resources.

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Comparative advantage

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The ability of an entity to produce a good or service at a loweropportunity cost than another entity.

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Tariffs

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A tax on an import or export.

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Retaliatory Tariff

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One country taxing a popular import from another country that placed atariff on the first country’s export.

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Sherman Antitrust Act

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Allows the government to investigate, regulate, and control largecompanies for the purpose of preventing circumstances that restrict competition in theUnited States.