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Social Studies 30-2 > Econimcs Unit Final > Flashcards

Econimcs Unit Final Flashcards

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1
Q

what is Adam Smith known for

A

father/founder of capitalism

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2
Q

what does laissez faire mean

A

beleif that the govrnment should keep their hands out of buisiness

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3
Q

whats a monopoly

A

exclusive control of markey supply usually within a componany

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4
Q

oligopoly

A

when a small number of businesses or companies control a very large share of the market

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5
Q

what are the 4 features of a market economy

A

supplyand demand, incentive, competition, private ownership

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6
Q

what are the 4 stages of the business cycle

A

prosperity, recession, depression, recovery

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7
Q

what are the types of businesses in market economys

A

corporations, private business, partnerships, franchises

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8
Q

what are corporations

A

when a large number of people are working together

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9
Q

whats a private business

A

small buisness where the individual owner is totally responsible

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10
Q

whats a partnership

A

formed through agreements between 2 or more people

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11
Q

franchises

A

sell the right to use their name and ideas

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12
Q

mercantilism and who is it controlled by

A

the aim of economic pursuits should be to strengthen the power and wealth of the state; government controlled

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13
Q

what did enclosure acts do

A

common land became the private property of an individual

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14
Q

5 economic principles of classic liberalism

A

economic freedom, individual freedom, private property, self-interest, competition

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15
Q

egalitarianism

A

all people should be treated as equals and have the same political, civil, economic and social rights under the law

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16
Q

equality of oppurtunity

A

minimum wage, no discrimination in policies, practices or when hiring employes within the workplace

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17
Q

equitable distribution of income

A

equal wages for work of similar values; people with larger incomes pay high taxes

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18
Q

command economy

A

high degree of government involvement in the economy

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19
Q

mixed economy

A

government control of major means of production

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20
Q

free enterprise economy

A

low degree of government intervention in the economy

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21
Q

equivelent names to command economy

A

planned, central

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22
Q

equivelant names to free enterprise economy

A

free economy, market economy

23
Q

3 basic economic questions

A

what goods should be produced, how should goods be produced, who should the goods be produced for

24
Q

whats capital

A

money used to generate income

25
Q

whats labour

A

effort people make to produce the goods or services

26
Q

whats land

A

natural resources that are used to produce goodsw

27
Q

hats scarcity

A

limited resources and limited wants that results in an increase in price

28
Q

whats the fiscal policy during recessions and depressions

A

reduce taxes and increase government spending

29
Q

whats the monetary policy during recessionsa nd depressions

A

lower interest rates

30
Q

whats the fiscal policy during prosperity and recovery

A

increase taxes and decrease government spending

31
Q

whats the monetary policy in prosperity and recover

A

increase interest rates

32
Q

what is adam smiths theory of the business cycle

A

the government should do nothing and the market will naturally reajust through its self regulating mechanisms

33
Q

whats john maynard keynes theory on the buisness cycle

A

the economy moves in peaks and valleys so the government should help to level these out in order to create a smooth economy

34
Q

whats profit motive

A

the desire for profit that motivates one to engage in business ventures

35
Q

consumer sovereignty

A

power of consumers to determine what goods and services are produced

36
Q

invisible hand theory

A

in a competitive buisness enviornment, everyone will pursue their own self interest

37
Q

whos john maynard keynes

A

economosit who supported the idea that governments should be more involved in the economy

38
Q

whats a welfare state

A

when the state plays a key role in the protection and promotion of the economic and social well-being of its citizens

39
Q

whats deficit

A

the gap between wheat the government spends and what the government takes in

40
Q

whos the father of utopion socialists

A

robert owen

41
Q

what are the problems of a mixed economy

A

high taxes, hard decisions, large beuracricies

42
Q

budget surplus

A

revenue exceeds cost

43
Q

budget deficite

A

cost exceed revenues

44
Q

tariffs

A

tax placed on imports

45
Q

subsidies`

A

incentives to encourage the private industry to set up a company

46
Q

progressive tax

A

tax rate whereby the rich are taxed more heavily then the poor

47
Q

flat tax

A

tax rate where the rich pay the same amount as the poor

48
Q

nationalized

A

when the government takes over a buisness

49
Q

crown corporation

A

buisnesses that are run and operated by the government

50
Q

who was FDR

A

first american president that began to experient with government involvement where government money would be used to stimulate the eocnomy

51
Q

whats the new deal

A

FDRs economic plan to stimulat economic growth during the great depression

52
Q

trade barriers

A

enacted by governments to protect hteir nations economy

53
Q

corporate executives

A

term given to the bosses or most powerful decision makers in a company

54
Q

production technology

A

when workers are replaced by machines to be more productive

Social Studies 30-2 (6 decks)

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