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Changes in the American Economy: The Energy Crisis, Deindustrialization, and the Service Economy

Clarifying Questions. All the notes you take need to help you answer the clarifying questions below. As you analyze and evaluate the information contained throughout this presentation you should be asking yourself the following questions: How and why was the U.S. economy transformed during th

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Changes in the American Economy: The Energy Crisis, Deindustrialization, and the Service Economy

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    1. Changes in the American Economy: The Energy Crisis, Deindustrialization, and the Service Economy

    2. Clarifying Questions All the notes you take need to help you answer the clarifying questions below. As you analyze and evaluate the information contained throughout this presentation you should be asking yourself the following questions: How and why was the U.S. economy transformed during the 1970s? Was the economic transformation experienced by the U.S. harmful of helpful? [Explain] [I will not collect your answers but they should help you think about the information. If you have any questions please share them with me and your classmates before, during and after classes.]

    3. Stagflation Throughout 1970s, the American economy was plagued by the unprecedented combination of soaring prices, the high unemployment, and low economic growth. Economists dubbed the phenomena "Stagflation," a period of rising prices in a stagnant economy. The high standard of living in the US following World War II suddenly began to lag behind that of Western Europe and Japan. Americans found it increasingly difficult to sustain a middle class lifestyle.

    4. Stagflation

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