Tuesday, December 08, 2009

WH II Honors: 9 December 2009

Prayer (alphabetical):

Current Events:

Ch. 12 Section 2 material posted:

Shanawiki for Chapter 12 Section 2 Reaction and Revolution.

After Waterloo, diplomats and heads of state again sat down at the Congress of Vienna. They faced the monumental task of restoring stability and order in Europe after years of war. The Congress met for 10 months, from September 1814 to June 1815. It was a brilliant gathering of European leaders. Diplomats and royalty dined and danced, attended concerts and ballets, and enjoyed parties arranged by their host, Emperor Francis I of Austria. The work fell to Prince Clemens von Metternich of Austria, Tsar Alexander I of Russia, and Lord Robert Castlereagh of Britain. Defeated France was represented by Prince Charles Maurice de Talleyrand.

Congress Strives For Peace

The chief goal of the Vienna decision makers was to create a lasting peace by establishing a balance of power and protecting the system of monarchy. Each of the leaders also pursued his own goals. Metternich, the dominant figure at the Congress, wanted to restore things the way they were in 1792. Alexander I urged a “holy alliance” of Christian monarchs to suppress future revolutions. Lord Castlereagh was determined to prevent a revival of French military power. The aged diplomat Talleyrand shrewdly played the other leaders against one another so France would be accepted as an equal partner.

The peacemakers also redrew the map of Europe. To contain French ambitions, they ringed France with strong countries. In the north, they added Belgium and Luxembourg to Holland to create the kingdom of the Netherlands. To prevent French expansion eastward, they gave Prussia lands along the Rhine River. They also allowed Austria to reassert control over northern Italy.

To turn back the clock to 1792, the architects of the peace promoted the principle of legitimacy, restoring hereditary monarchies that the French Revolution or Napoleon had unseated. Even before the Congress began, they had put Louis XVIII on the French throne. Later, they restored “legitimate” monarchs in Portugal, Spain, and the Italian states.

Congress Fails to See Traps Ahead

To protect the new order, Austria, Russia, Prussia, and Great Britain extended their wartime alliance into the postwar era. In the Quadruple Alliance, the four nations pledged to act together to maintain the balance of power and to suppress revolutionary uprisings, especially in France. Another result of the Congress was a system known as the Concert of Europe, in which the powers met periodically to discuss any problems affecting the peace of Europe.

The Vienna statesmen achieved their immediate goals in creating a lasting peace. Their decisions influenced European politics for the next 100 years. Europe would not see war on a Napoleonic scale until 1914. They failed, however, to foresee how powerful new forces such as nationalism would shake the foundations of Europe and Latin America in the next decades.

Reading Check


What was the "principle of legitimacy?"

The Conservative Order

Reading Check


What were the views of the conservative movement?

Forces of Change


Balkan Nationalism


“How is it that they [European powers] cannot understand that less and less is it possible . . . to direct the destinies of the Balkans from the outside? We are growing up, gaining confidence, and becoming independent . . .”

—Bulgarian statesman on the first Balkan War and the European powers


Focus Question

How did the desire for national independence among ethnic groups weaken and ultimately destroy the Austrian and Ottoman empires?


Napoleon had dissolved the Holy Roman Empire, which the Hapsburgs had led for nearly 400 years. Austria’s center of power had shifted to Central Europe. Additional wars resulted in continued loss of territory to Germany and Italy. Why did nationalism bring new strength to some countries and weaken others?

In Eastern and Central Europe, the Austrian Hapsburgs and the Ottoman Turks ruled lands that included diverse ethnic groups. Nationalist feelings among these subject peoples contributed to tensions building across Europe.

Revolutionary Outbursts

Greek soldiers

Reading Check


How did liberalism and nationalism begin to break through the conservative domination of Europe?

The Revolutions of 1848
Revolutionary France: Les Miserables (6:41)


The backdrop for Victor Hugo's novel Les Miserables is revolutionary France in the 1800s. Les Miserables expresses Hugo's passionate belief in the spiritual possibilities of society, despite the presence of evil. Les Miserables also expresses Hugo's fight for justice, democratic ideals, and basic rights for all people.

What was the main theme of Hugo's novel Les Miserables?

What were Hugo's political beliefs?

Writing Practice

How do the choices made by Jean Valjean reflect his sense of justice and compassion for others?

Another French Revolution

Trouble in the German States


Note Taking

Recognize Sequence: keep track of the sequence of events that led to German unification by completing a chart like the one below. Add more boxes as needed.

Taking Initial Steps Toward Unity

Audio for this section

In the early 1800s, German-speaking people lived in a number of small and medium-sized states as well as in Prussia and the Austrian Hapsburg empire. Napoleon’s invasions unleashed new forces in these territories.
Napoleon Raids German Lands

Between 1806 and 1812, Napoleon made important territorial changes in German-speaking lands. He annexed lands along the Rhine River for France. He dissolved the Holy Roman Empire by forcing the emperor of Austria to agree to the lesser title of king. He also organized a number of German states into the Rhine Confederation.

At first, some Germans welcomed the French emperor as a hero with enlightened, modern policies. He encouraged freeing the serfs, made trade easier, and abolished laws against Jews. However, not all Germans appreciated Napoleon and his changes. As people fought to free their lands from French rule, they began to demand a unified German state.

Napoleon’s defeat did not resolve the issue. At the Congress of Vienna, Metternich pointed out that a united Germany would require dismantling the government of each German state. Instead, the peacemakers created the German Confederation, a weak alliance headed by Austria.
Economic Changes Promote Unity

In the 1830s, Prussia created an economic union called the Zollverein (tsawl fur yn). It dismantled tariff barriers between many German states. Still, Germany remained politically fragmented.

In 1848, liberals meeting in the Frankfurt Assembly again demanded German political unity. They offered the throne of a united German state to Frederick William IV of Prussia. The Prussian ruler, however, rejected the notion of a throne offered by “the people.”


What was the German Confederation?

Revolutions in Central Europe
The Hungarian Parliament Passes Legislation Funding an Army Against the Hapsburg Empire, 1848

The mixed symbols on the flag of the Austro-Hungarian Empire

A Multinational Empire

Equally disturbing to the old order were the urgent demands of nationalists. The Hapsburgs presided over a multinational empire. Of its 50 million people at mid-century, fewer than a quarter were German-speaking Austrians. Almost half belonged to different Slavic groups, including Czechs, Slovaks, Poles, Ukrainians, Serbs, Croats, and Slovenes. Often, rival groups shared the same region. The empire also included large numbers of Hungarians and Italians. The Hapsburgs ignored nationalist demands as long as they could. When nationalist revolts broke out in 1848, the government crushed them.

Revolts in the Italian States
Italy Before 1861

Note Taking

Reading Skill: Recognize Sequence

As you read and hear a lecture on the Italian revolt, create a time line showing the sequence of events from 1831 to 1871 that led to Italian unification (the time line continues in the next section of the Chapter).

After a failed revolution against Austrian rule in northern Italy, many rebels, fearing retribution, begged for funds to pay for safe passage to Spain. Giuseppe Mazzini (mat see nee), still a boy, described his reaction to the situation:

“He (a rebel) held out a white handkerchief, merely saying, ‘For the refugees of Italy.’ My mother . . . dropped some money into the handkerchief. . . . That day was the first in which a confused idea presented itself to my mind . . . an idea that we Italians could and therefore ought to struggle for the liberty of our country. . . .”

—Giuseppe Mazzini, Life and Writings


Focus Question

How did influential leaders help to create a unified Italy?

Reading Check


What countries experienced revolutions in 1848?

Eyewitness to History

Revolutionary Excitement

Analyzing Primary Sources, p. 377

And, to anticipate further revolutionary developments, we will consider Karl Marx.



The Age of Revolution: 1789-1848 by Eric Hobsbawm

The Church in an Age of Revolution by Alec R. Vidler

Congress of Vienna lecture

The Congress of Vienna, between Sept. 1814 - 9 June 1815, after that France had surrender in May 1814 (Napoleon was finally defeated at Waterloo 18 June 1815).

It was a conference with ambassadors from many European states, chaired by the Austrian statesman Klemens von Metternich. It was the five "great" nations - UK, Prussia, Austria, France and Russia that decide almost everything. Norway was transferred from Denmark to Sweden and swedish Pomerania was ceded to Prussia.

The first pictures are the Duke of Wellington who is the man who rarely lost a battle. At Waterloo he and combined British/German forces - with help of Blüchers Prussians - defeated Napoleon for the last time. Later he became Prime Minister of Great Britain and in his youth he led battles in India. Then came a pic on Metternich, and then on Talleyrand. After him come a pic on Tsar Alexander I - the most powerful man in Europe at that time. The two last pics are on Austrian castles...first "Schönbrunn" and then "Belvedere".

Congress of Vienna 1815


UK = Duke of Wellington

Prussia = Prince Karl von Hardenberg

Austria = Prince Klemmens von Metternich

Russia = Tsar Alexander I

France = Charles de Talleyrand

Sweden = Count Carl Löwenhielm

Music: Russian folk-song.

Ulf Sawert

Queen Hortense de Beauharnais - Album Artistique de la Reine Hortense (Koninklijk Huisarchief Den Haag)
Les jeunes rêves d'amour
Paula Bär-Giese soprano & pianist
La Reine Hortense project (La Reine d'Hollande 1806-1810)
Recording: Kunstzaal Palace 't Loo, Apeldoorn - The Netherlands

Hortense Eugénie Cécile de Beauharnais, Queen of Holland, Grand Duchess of Berg and Cleves, Countess of Saint-Leu (April 10, 1783 - October 5, 1837), was the wife of Louis Bonaparte, King of Holland and the mother of Napoleon III, Emperor of the French.
Hortense was born in Paris, France, the daughter of Alexandre, Vicomte de Beauharnais and of his wife Josephine Tascher de la Pagerie. In 1794 her father was executed during the Reign of Terror. Two years later her mother married Napoleon Bonaparte.
In 1802 at Napoleon's request, Hortense married his brother Louis Bonaparte. The couple had three sons:
• Napoléon Louis Charles (October 10, 1802 - May 5, 1807)
• Napoléon Louis (October 11, 1804 - March 17, 1831)
• Charles Louis Napoléon, later Napoleon III, Emperor of the French (20 April 1808- 9 January 1873)
In 1806 Napoleon appointed his brother Louis, King of Holland. Hortense accompanied her husband to The Hague, in spite of the fact that their marriage was an unhappy one (the paternity of at least one of Hortense's sons has been questioned). In 1810 Louis abdicated as King of Holland and settled in Germany; Hortense, on the other hand, returned with her sons to France.
In 1811 Hortense gave birth to a son by her lover, Charles Joseph, comte de Flahaut:
• Charles Auguste Louis Joseph (October 21, 1811 - March 10, 1865), later made duc de Morny by his half-brother, Napoleon III.

One video features just the Congress of Vienna music with period pictures supplementing the sound.

The Fezzibomb occurred on Friday November 20, 2009. A bunch of Fezziwiggers (dancers from Fezziwig's Tea Emporium at the Dickens Christmas Fair) met in Embarcadero Bart in San Francisco to dance to music provided by Bangers and Mash.

The Congress of Vienna is a choreographed waltz.

Congress of Vienna dance at Gaskell's held in Oakland October 2005

Ye Gaskell Occasional Dance Society sponsors Victorian ballroom dances several times a year. There are afternoon dance lessons and refresher lessons before the dance. Formal dress.

Brassworks is a live brass band led by Frank Beau Davis. They sound much better in person than in this clip.

Scottish Rite Center in Oakland has a beautiful ballroom for this event.

Creative sock puppet show as a dramatization of the Congress of Vienna of 1815.


Twilight of the Hapsburgs: The collapse of the Austro-Hungarian Empire by Z. A. B. Zeman.

New holiday feature: keep Christ in Christmas

Email HW to: gmsmith@shanahan.org

1. p. 376, #4-#5.

AP Economics: 9 December 2009

Prayer (alphabetical):

Current Events:

The Goodguide has cautioned consumers about the ubiqutous Christmas sensation, the Zhu Zhu Pets, furry robotic hamsters, which are the hottest Christmas craze of 2009-–with millions being flown into the U.S. from China. While Zhu Zhu pets have not faced a Consumer Product Safety Commission recall, a report from GoodGuide.com says they contain antimony, a toxic metal known as a carcinogen. The federal limt for antimony in products is 60 parts per million, while the Zhu Zhu has 93 parts per million in the fur and 103 in the nose. "If ingested in high enough levels, antimony can lead to cancer, reproductive health and other human health hazards," said Dara O'Rourke, an associate professor of environmental science at U.C.-Berkeley and co-founder of GoodGuide.com. "If these toys aren't even meeting the legal standards in the U.S., then I would say that it isn't worth the risk for me to bring it into my household."

Sources in Washington say a recall of the toys is unlikely because of the sheer volume already sold – millions throughout the U.S.

But that's not the case with dozens of other products imported from China just in time for Christmas. Of the 28 products recalled by the Consumer Product Safety Commission so far in November and December, 16 were manufactured in China.

But it's not just children's toys from China that are getting recalled and posing safety hazards. Kids' clothing has also been a target of the CPSC this holiday season. Various kinds of hooded sweatshirts have been targeted as strangulation hazards because of unsafe drawstrings. Some of these items are sold in upper-end department stores like Macy's and Dillards – not just Walmart.

Only one major recall this season was highly publicized. That was Maclaren USA's voluntary action to pull from stores baby strollers that resulted in at least 12 finger amputations. About 1 million of them were in circulation – manufactured, of course, in China. They sold for between $100 and $350.

Thinking about giving someone a kitchen appliance this year? Be warned.

Haier America Trading of New York, N.Y., voluntarily recalled nearly 54,000 blenders made in China when it was learned the blade assemblies came apart or broke, posing laceration risks.

Or maybe you were thinking about getting Dad a gas grill. About 663,000 Perfect Flame grills made in China and sold in Lowe's were voluntarily recalled because they posed burn hazards to users. They caused at least 40 fires resulting in burns to hands, arms and faces and at least one eye injury requiring surgery.

Power adapters used with IBM back-up disk hard drives, also made in China, were recalled when it was found they were failing and exposing live electrical contacts that posed shock hazards to consumers.

Maybe you thought a travel mug made in China was a safe gift. Think again. About 15,000 had to be recalled by the "Life Is Good" company when it was found they posed burn hazards.

And before you get that new baby a pacifier for the stocking this Christmas, be sure to check it out. Some 641,000 "Bobby Chupete" pacifiers had to be recalled this season because they pose a choking hazard.

Not even that Christmas tree stand is necessarily safe. About 13,000 manufactured in China had to be recalled after causing users to fall and sustain serious injuries.

Previously frozen catfish from China was found to have been laced with banned antibiotics and scallops and sardines coated with bacteria.

Chinese toothpaste also has been found by the U.S. Food and Drug Administration to have contained a deadly chemical used in antifreeze. In one case, four defendants pleaded guilty to importing from China more than a half million tubes of toothpaste falsely labeled as the popular brand Colgate that contained the toxic antifreeze ingredient.

According to a U.S. Department of Justice statement, the defendants were responsible for 518,028 tubes of toothpaste worth an estimated $730,419 that were shipped into the country and distributed to bargain retail stores in several states.

Chinese imports have been blamed for poisoning America's pets, risking America's human food supply and reintroducing lead poisoning to America's children.

For years, Washington has claimed to be working on the problem of defective consumer products being delivered from China to the United States.

The Test Analysis, as announced on Twitter, has been published. Once the Make-Ups are not holding the class up we can review the material. The Calendar, as announced on Twitter, notes that the Make-Up Test is on Friday and the Ch. 6 True/False Quiz is on Friday also.

We will pick up where we left off: Ch. 15, Introduction to Macroeconomics, PowerPoint presentation and Handout Ch. 15 questions.

Chapter Overview

As an introduction to macroeconomics, this chapter begins with an overview of
macroeconomics, discussing its origins and presenting material on the business
cycle. The National Income and Product Accounts are then covered, as well as the
two approaches to measuring GDP and the connection between GDP and the standard
of living. The chapter concludes with a section on the work of Joseph
Schumpeter and creative destruction.

Chapter Outline
The Scope of Macroeconomics
Major Events that Shaped Macroeconomic Ideas
The Great Depression
Episodes of Hyperinflation
Budget Deficits
Macroeconomic Goals



Types of Unemployment

There are several different types of unemployment, of varying duration and severity (in terms of implications for the economy). This video goes through the types, and addresses why the Macroeconomic goal is "Low Unemployment," rather than "Zero Unemployment."

Just for background, you can consider a show entitled, "Fault Lines on Unemployment," from al-Jazeera.

Business Cycles

Business Cycle: short, best introduction to Macro Business Cycle explanation. "mjmfoodie" produces helpful economic videos.

Business Cycle

Just for historical background, consider the history of business cycles.

Outlining briefly the people and discoveries relating to economic cycles. Beginning with Sir William Herschel who around 1800 found a connection between the Sunspot cycle and wheat prices, mention is made of Clement Juglar 1860s, William Stanley Jevons 1870s, The Rothschild family 1890s and Rockerfeller family, W D Gann 1900s, Joseph Kitchin 1920, Kondratief (who I accidentally left out of this video) and his 54 year cycle in the 1920s, Alexander Chizhevsky and Raymond Wheeler around the 1930s being interisciplinary cycles researchers, R N Elliott, Joseph Schumpeter and Simon Kuznets (later to receive a Nobel Prize) and the formation of the Foundation for the Study of Cycles by Edward R Dewey and others in 1942. The age of computers arrived in cycles research with J M Hurst about 1970.

For more information about cycles research:

There is an interdisciplinary cycles discussion forum open to all people to search and read, and people can join to participate, at http://tech.groups.yahoo.com/group/cy...

For more on the history of economic cycles:

Defining Business Cycles
Dating Business Cycles
Is the New Economy Producing Micro Recessions?
Checkpoint: The Scope of Macroeconomics
National Income Accounting

The Core of NIPA
The Circular Flow Diagram

Circular Flow Diagram and Micro vs. Macro

This video gives an overview of the circular flow of economic markets and discusses the difference between microeconomics and macroeconomics.

For more information and a complete set of microeconomics videos, see

Spending and Income: Looking at GDP in Two Ways
Gross Domestic Product

Real GDP

The difference between GDP (Gross Domestic Product) and GNP (Gross National Product)

Dr. Richard Ebeling, Clemson capitalism, answers a student question about GDP and its usefulness as a measure of economic health.

How To Calculate GDP

Cf. http://www.informedtrades.com/ A lesson on what traders of the stock, futures, and forex markets look for when the Gross Domestic Product (GDP) Number is released. As we have learned in previous...
A lesson on what traders of the stock, futures, and forex markets look for when the Gross Domestic Product (GDP) Number is released.

There are many components of the US Economy which can affect overall economic growth and inflation expectations. Some of the major examples here are how many people are employed in the economy vs. unemployed, how much the housing market is growing in different parts of the country, and at what rate the prices for different products in the economy are seeing increases.

As all of these things are so important to the economy and therefore to the markets, there are no shortage of economic reports which are released to try and help people gauge how things are going with different pieces of the economy. It is important for us as traders to understand the major reports here as even if we are trading off of technicals, understanding what is happening in the market from a fundamental standpoint can help establish a longer term bias for trading. In the short term an understanding of these numbers will also help to assess the erratic and sometimes extreme movements which can occur after economic releases.

The granddaddy of all economic reports is the release of the Gross Domestic Product (GDP) number for the economy. The Gross Domestic Product for the US or any other country is the final value of all the goods and services produced in that economy. Essentially what you get after calculating GDP by adding up the value of all goods and services produced in the economy is a measure of the size of the overall economy. It is for this reason that market participants will watch the GDP number closely as the rate of growth in this number represents the rate of growth in the overall economy.

As a side note here, GDP also allows a comparison to be made of the sizes of different economies from around the world, as well as their growth rates. To give you an idea of just how large the US Economy is, 2007 GDP for the United States was estimated at 13.7 Trillion dollars. This is in comparison to the next largest economy in the world, Japan which has a GDP of under 5 Trillion Dollars.

Quarterly estimates of GDP are released each month with Advance Estimates which are incomplete and subject to further revision being released near the end of the first month after the end of the quarter being reported. In the second month after the end of the quarter being reported preliminary numbers (which basically means more accurate than advanced) normally are released and then finally the final GDP number is released at the end of the 3rd month after the end of the quarter being reported on.

Traders are going to focus heavily on the growth rate released in the Advanced number and markets will also move on any significant revisions made in the preliminary and final GDP numbers.

The Expenditures Approach to Calculating GDP
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases
Net Exports of Goods and Services
Summing Aggregate Expenditures
The Income Approach to Calculating GDP
Compensation of Employees
Proprietor’s Income
Rental Income
Corporate Profits
Net Interest
Taxes, Foreign Income, and Miscellaneous Adjustments
National Income
From National Income to GDP
Net Domestic Product
Personal Income and Disposable Personal Income

GDP and Our Standard of Living
Checkpoint: National Income Accounting
Technology and Schumpeter’s Creative Destruction

■ Show actual data on GDP in different countries by taking a look at the CIA World
Factbook information for different countries. The Web site is located at https://

Chapter Checkpoints

The Scope of Macroeconomics
Question: Do you think the business cycle has a bigger impact on automobile and
capital goods manufacturers or grocery stores? Why or why not?

National Income Accounting
Question: People have individual senses of how the macroeconomy is doing. Is it a
mistake to extrapolate from one’s own experience what may be happening in the
aggregate? How might individual experiences lead one astray in thinking about the
macroeconomy? How might it help?

Extended Examples in the Chapter
Is the New Economy Producing Micro Recessions?
The “new economy” is a term coined in the 1990s and is generally used to denote
the changes in the economy that have resulted from globalization and information
technology. The reference for this section is a New York Times article by David
Leonhardt, titled “Have Recessions Absolutely, Positively Become Less Painful?”
(October 8, 2005, p. C1). For more background you may also wish to see the 1997
article by Stephen B. Shepard (then editor-in-chief) in Business Week titled “The
New Economy: What It Really Means,” available on the Web at http://www.

Technology and Schumpeter’s Creative Destruction
Were computer technology and the Internet a Schumpeter innovation wave or not?
Schumpeter focused on the power of major innovations to form waves of growth
throughout the macroeconomy. So the real question is whether or not the change in
technology affected most parts of the economy in a very significant way (some definitions of creative destruction use the term “transformation” in its description).
The background information provided by Wikipedia also relates creative destruction
to layoffs (see http://en.wikipedia.org/wiki/Creative_destruction).

Examples Used in the End-of-Chapter Questions
Questions 3 and 6 reference the National Income and Product Accounts (NIPA).
Visit the Web site at http://www.bea.gov/National/Index.htm to view the latest press release on GDP. Links to other data are also available.

For Further Analysis
How Can You Tell if It’s a Recession?
The example in the student handout will be used as a small group exercise. It is designed to complement the text’s material on the business cycle and also to provide a lead-in to the measurements of inflation and employment that will be covered in the next chapter. It requires students to find and begin to assess actual data on the economy.

Web-Based Exercise
This example below can be used as an individual or small group research project. It requires students to evaluate “well-being” in terms of GDP and other criteria.
Can GDP Buy You Happiness?

About 35 years ago, the king of Bhutan decided that the well-being of his country
was not best measured by its GDP, but rather by something he called its “Gross
National Happiness.”

1) Learn more about GHI and compare it to GDP.
2) Assess both as measures of “well-being.” To do so, define your own criteria
for well-being. You may agree or disagree with what is included in these
measures and add your own indicators if you wish. In all cases provide a
rationale for your choices.

A very useful source is the article by Andrew C. Revkin in The New York
Times (October 4, 2005) titled “A New Measure of Well-Being from a Happy
Little Kingdom,” available on the Web at: http://www.nytimes.com/2005/10/

How Can You Tell if It’s a Recession?
Visit the Web site of the National Bureau of Economic Research (NBER) (http://www.nber.org/) to
answer the following:
1) Does the NBER define a recession as two successive quarters in which there is negative growth in GDP? Why or why not?
2) What problem does the NBER face in using data from the Bureau of Economic Analysis of the U.S. Department of Commerce?
3) Besides GDP, what other important economic data does the NBER review for its reports?

Email HW to gmsmith@shanahan.org.

1. Answer the two Checkpoint questions and check your answers on p. 425.

WH II Honors: 4 December 2009

Read Ch. 12 Section 2 Reaction and Revolution

Answer the following questions and turn in on Monday.

p. 372, What was the "principle of legitimacy?"

p. 373, What were the views of the conservative movement?

p. 374, How did liberalism and nationalism begin to break through the conservative domination of Europe?

p. 376, What countries experienced revolutions in 1848?

p. 377, Read: "Revolutionary Excitement"

Answer: "Analyzing Primary Sources," p. 377

AP Economics: 4 December 2009

1st Period AP Economics
In Chapter 15, define the right hand column "Key "Concepts" on p. 421.