Economic Definitions

Question 1

Kakistocracy

Answer 1

Governed by the least suitable and competent citizen

Question 2

Meritocracy

Answer 2

The idea that one gets ahead based on their accomplishments rather than, for example, parents social class

Question 3

Serfdom

Answer 3

The status of peasants under feudal rule

Question 4

Malthuesian theory (Thomas Malthus)

Answer 4

Theory states global food supply cannot keep up with population growth, inevitably resulting in disease, famine and war

Question 5

Relativism

Answer 5

The belief that there is no absolute truth only the truth of an individual or a culture believe

Question 6

Aristocracy

Answer 6

Ruler of the best. Rule by nobility. Form of government that places power in the hands of a small, privileged ruling class, the aristocratics

Question 7

Nobility

Answer 7

A social class found in societies with an aristocracy. Normally ranked immediately below royalty

Question 8

Ikigai

Answer 8

Reason for being

Question 9

Bureaucracy

Answer 9

System of government in which the most important decisions are made by state officials over elected representatives

Question 10

Rudimentary

Answer 10

Involving or limited basic principles

Question 11

Diatribe

Answer 11

A bitter or forceful attack on someone or something

Question 12

Nobility

Answer 12

A man of nobility and learning. Part of the aristocracy. They controlled means of production (at time was agricultural land). Underneath monarchy.

Question 13

Secularism

Answer 13

Safeguards freedom of religion and belief ensuring government does not impose belief systems on its people

Question 14

Six stages of a nation and economic cycle

Answer 14

1. The birth of country including new leadership
2. Government built and refined
3. Peace and prosperity
4. Great excess of spending, debt and widening of wealth and political gaps
5. Very bad financial conditions and intense conflict
6. Civil war and revolution

Question 15

Six stages of a nation and economic cycle

Answer 15

1. The birth of country including new leadership
2. Government built and refined
3. Peace and prosperity
4. Great excess of spending, debt and widening of wealth and political gaps
5. Very bad financial conditions and intense conflict
6. Civil war and revolution

Question 16

Five major economic fights between countries

Answer 16

Trade/economic
Technology
Capital
Geopolitical
Military

Question 17

Periods of peace and prosperity

Answer 17

Renaissance
Enlightenment
Industrial Revolutions

Question 18

Wars following peace and prosperity

Answer 18

Thirty years wars
Napoleonic
Two world wars

Question 19

Martyr

Answer 19

Person who is killed because of their religious or other beliefs

Question 20

Fascism is ..

Answer 20

Autocratic, collectivist and capitalist

Question 21

Unfalsifiable

Answer 21

Not capable of being proven false

Question 22

All markets are primarily driven by four determinants

Answer 22

Growth, inflation, risk premiums and discount rates

Question 23

Oligarchy

Answer 23

Small group of people having control of country, organisation or institution

Question 24

Imperialism

Answer 24

A policy of extending a country’s power through diplomacy or military force

Question 25

Diplomacy

Answer 25

The profession, activity or skill of managing international relations, typically by a country’s representatives abroad

Question 26

Republic

Answer 26

State in which the supreme power is held by the people

Question 27

Triffins trilemma

Question 28

Confucianism

Answer 28

Seeks to bring about harmony by ensuring people know their roles in the hierarchy and how to play them. It values harmony, education and meritocracy

Question 29

Legalism

Answer 29

Fascism in the west

Question 30

Taoism

Answer 30

Teaches the importance to live in harmony with the laws of nature. Yin and Yang harmony

Question 31

Praxiology

Answer 31

In philosophy, it is human action. The notion that humans engage in acts of choice implies they have preferences

Question 32

Dialectical materialism

Answer 32

Marx’s most important theory system. Dialectical refers to how opposites interact to produce change. In a nutshell, dialectical materialism is a system for producing change by observing and influencing the contradictions of opposites that produce struggles that when resolved produce progress

Question 33

Lucid

Answer 33

Express clearly

Question 34

Beliefs & values

Answer 34

Beliefs are how I see things and values are how believe things ought to be

Question 35

Heuristic

Answer 35

Mental shortcut for solving a problem in a quick way that delivers a result that is sufficient enough to be useful given time restraints. Investors and financial professionals use a heuristic approach to speed up analysis and investment decisions

Question 36

Different types of wars

Answer 36

Trade/economic (tariffs/import restrictions) Technology (most important. China has biggest data, biggest AI and big computing) Geopolitical ( south China seas, belt & road) Capital (debt) Military (biological, cyber, chemical, space) Culture (not understanding each others values domestically and internationally) With ourselves

Question 37

Government cognitive distortion

Answer 37

Politicians believe that everything in your life will be better if the rest of world will gives in to their demands

Question 38

Free market facts

Answer 38

The most important single central facts about a free market is that no exchange take place if both parties don’t benefit

Question 39

Straw man

Answer 39

An intentionally misrepresented proposition that is set up because it is easier to defeat than opponents real argument

Question 40

Steel manning

Answer 40

An improved version on the other persons views - one that’s harder to defeat