Chp 6 Flashcards
Regulation/Interventionism
The government’s involvement in the economy through rules and policies aimed at promoting stability, protecting consumers, and preventing monopolies.
Welfare Programs
Government initiatives designed to provide financial assistance, healthcare, education, and other services to improve citizens’ quality of life and reduce poverty.
Indicative Planning
A strategy where the government provides guidance and forecasts for the economy, influencing private sector decisions without direct control.
Welfare/Welfare State
A governmental approach that aims to provide for the basic needs of citizens through social insurance and welfare programs.
Modern Liberalism
A political ideology that supports a mixed economy, social justice, and governmental intervention to address inequalities while upholding individual rights.
Demand-Side Economics
An economic theory that advocates for increasing demand through government spending and lower taxes to stimulate economic growth.
Deficit/Deficit Planning
A situation where government expenditures exceed revenues. Deficit planning involves strategies to manage and finance this gap.
Credit Union
A member-owned financial cooperative that provides credit at competitive rates and other financial services.
Stagflation
An economic condition characterized by stagnant growth, high unemployment, and high inflation, making it challenging to address through traditional economic policies.
Monopoly
Market domination by a single seller limiting competition.
New Deal
FDR’s 1930s programs to recover from the Great Depression.
Progressivism
Movement advocating for social reform and government action.
Scarcity
Limited resources versus unlimited wants necessitating choices.
Classical Liberalism
Emphasizes individual freedom and free markets.
Equilibrium
Market state where supply equals demand