Chapter 6 Flashcards
Consumerism
The societal focus on the acquisition and use of goods and services, often driven by advertising and the desire for material comfort and increased living standards.
The Roaring Twenties
A period of cultural, social, and economic change in the United States during the 1920s, marked by economic prosperity, jazz music, the rise of flapper fashion, urbanization, and a strong sense of cultural exuberance and modernisim
Income Disparity
The unequal distribution of income within a population, often resulting in wealth gaps between different socioeconomic groups, which can affect living standards, opportunities, and quality of life.
Bank Runs
A situation where a large number of depositors withdraw their funds simultaneously from a bank due to fears of insolvency, often leading to a financial crisis.
Inflation
The increase in the general price level of goods and services in an economy over time, typically measured annually, which erodes purchasing power and can affect the cost of living and economic stability.
New Deal
A series of programs and reforms introduced by President Franklin D. Roosevelt in the 1930s to address the Great Depression, including social welfare programs, public works projects, and financial reforms aimed at stabilizing and stimulating the economy.
Monopoly
A market structure where a single seller controls the entire supply of a product or service, allowing them to set prices without competition, often leading to market inefficiencies and limited consumer choice.
Social Programs
Initiatives or services provided by the government or organizations to promote social welfare and protect citizens, such as healthcare, education, housing, and unemployment benefits.
Monetarism
An economic theory that emphasizes the importance of controlling the money supply to regulate economic stability and growth, focusing on the idea that changes in the money supply have a direct impact on inflation and output levels.
Trickle Down Economics
An economic theory that posits that benefits provided to the wealthy, such as tax cuts or incentives, will eventually “trickle down” to the broader economy, stimulating growth and benefiting all economic levels through job creation and increased investment.
Raganomics
The economic policies associated with President Ronald Reagan in the 1980s, which emphasized supply-side economics, tax cuts, deregulation, and reducing government spending to promote economic growth and investment.
Welfare State
A government system that provides various social services and financial assistance to its citizens, such as healthcare, unemployment benefits, pensions, and education, aimed at ensuring the well-being and economic security of the population.
What did Franklin D. Roosevelt Do.
Was for government intervention, trying to ensure that no single group—be it large businesses or labor—had disproportionate control or influence over the economy or society.
What did Miltion Friedman do?
Support for Free Market Capitalism and Minimum government intervention.
Eugenics
The practice of improving genetic quality through selective breeding or other means, often used to justify discriminatory policies.
