Chp 6 Flashcards

1
Q

Regulation/Interventionism

A

The government’s involvement in the economy through rules and policies aimed at promoting stability, protecting consumers, and preventing monopolies.

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2
Q

Welfare Programs

A

Government initiatives designed to provide financial assistance, healthcare, education, and other services to improve citizens’ quality of life and reduce poverty.

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3
Q

Indicative Planning

A

A strategy where the government provides guidance and forecasts for the economy, influencing private sector decisions without direct control.

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4
Q

Welfare/Welfare State

A

A governmental approach that aims to provide for the basic needs of citizens through social insurance and welfare programs.

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5
Q

Modern Liberalism

A

A political ideology that supports a mixed economy, social justice, and governmental intervention to address inequalities while upholding individual rights.

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6
Q

Demand-Side Economics

A

An economic theory that advocates for increasing demand through government spending and lower taxes to stimulate economic growth.

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7
Q

Deficit/Deficit Planning

A

A situation where government expenditures exceed revenues. Deficit planning involves strategies to manage and finance this gap.

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8
Q

Credit Union

A

A member-owned financial cooperative that provides credit at competitive rates and other financial services.

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9
Q

Stagflation

A

An economic condition characterized by stagnant growth, high unemployment, and high inflation, making it challenging to address through traditional economic policies.

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10
Q

Monopoly

A

Market domination by a single seller limiting competition.

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11
Q

New Deal

A

FDR’s 1930s programs to recover from the Great Depression.

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12
Q

Progressivism

A

Movement advocating for social reform and government action.

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13
Q

Scarcity

A

Limited resources versus unlimited wants necessitating choices.

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14
Q

Classical Liberalism

A

Emphasizes individual freedom and free markets.

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15
Q

Equilibrium

A

Market state where supply equals demand

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16
Q

Anti Trust

A

Laws preventing monopolistic practices to promote competition

17
Q

Income inequality

A

Disparity in income distribution among the population

18
Q

Reagonomics

A

Reagans policies of tax cuts and deregulation to stimulate growth

19
Q

Thatcherism

A

Thatcher’s emphasis on free markets and reducing union power.

20
Q

Blair’s Third-Way

A

Blair’s blend of social democracy with capitalism.

21
Q

Supply-Side economics

A

Theory advocating tax cuts to boost economic growth.

22
Q

Capitalism

A

Economic system of private ownership and market-driven production

23
Q

Fisal Policy

A

Government spending and tax policies to influence the economy.

24
Q
A