Okay, here’s a notecard formatted according to your specifications for Stagflation during the APUSH Unit 8 time period:

ID: Stagflation

When: 1970s (primarily 1973-1980)

Affected: The entire U.S. economy, American consumers, businesses.
Contributing Factors:
- President Richard Nixon: Policies of wage and price controls (initially), and decisions related to the gold standard.
- OPEC (Organization of the Petroleum Exporting Countries): Actions leading to the oil crisis of 1973 and subsequent price increases.
- Federal Reserve: Monetary policies contributed to the problem
- President Jimmy Carter: His administration struggled to find solutions to stagflation.

Stagflation is an economic condition characterized by:

Stagnant Economic Growth: Slow or no increase in GDP. High unemployment.
High Inflation: A rapid increase in the general price level of goods and services.
The Phillips Curve, which suggests an inverse relationship between inflation and unemployment, was disproven.

Key contributing factors included:

Oil Crisis (1973): OPEC imposed an oil embargo on the United States (and other countries) in response to their support of Israel during the Yom Kippur War. This caused oil prices to skyrocket, impacting the cost of everything from gasoline to heating oil and goods transportation.
Nixon Shock (1971): Nixon took the U.S. off the gold standard, ending the Bretton Woods system, leading to dollar devaluation and inflationary pressures.
Government Spending: Spending on the Vietnam War and social programs (Great Society) contributed to inflationary pressures.
Wage and Price Controls: Nixon implemented wage and price controls in an attempt to curb inflation, but these were largely ineffective and created distortions in the market.

Economic Hardship: Stagflation led to a period of economic hardship for many Americans, with rising prices and job losses.
Erosion of Purchasing Power: Inflation reduced the value of savings and wages, making it harder for people to afford basic necessities.
Decline in American Competitiveness: High inflation and economic instability made American businesses less competitive in the global market.
Increased Distrust in Government: The failure of government policies to address stagflation led to increased public distrust in government and economic institutions.
Shift in Economic Thinking: Stagflation challenged prevailing Keynesian economic theories and paved the way for new economic approaches, such as supply-side economics (Reaganomics), which focused on reducing taxes and deregulation.
Political Consequences: The economic malaise of the 1970s contributed to Jimmy Carter’s defeat in the 1980 presidential election and the rise of Ronald Reagan.