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Social Studies 30-1 > Economic Dimensions > Flashcards

Economic Dimensions Flashcards

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1
Q

Free Market Economic System

A

When there is voluntary exchange by citizens without government intervention. Citizens control the supply and demand of an economy. There would be no taxes, social programs, financial support, etc.

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2
Q

Mixed Economic System

A

This could look like many different things, but it basically means that the economy is a mix between a free market and a command market.

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3
Q

Command Economic System

A

When everything in the economy is controlled by the government. The government plans and organizes the economy to maximise social welfare (aid of individuals and families who require it).

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4
Q

Private Enterprise

A

A business or industry that is managed by the a independent company or individual rather than the state. Ex. Most businesses you think of are privately owned, retail, developers, leisure, legal services, etc.

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5
Q

Public Enterprise

A

A business or industry that is managed by the state rather than a private company or individual. Ex. Utilities (gas, electricity, etc.), certain forms of transportation, telecommunications.

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6
Q

Socialism

A

A left-wing political theory that primarily stands for sharing and collective ownership of property and production.

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7
Q

John Maynard Keynes

A

An economist during times of crisis including the Great Depression who’s theories and ideas changed the world.

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8
Q

Keynesian Economics

A

A system of economy developed by John Keynes that advocated for government intervention in the economy. When the economy is good (boom) raise interest and taxes and decrease government spending; when the economy is bad (bust) decrease interest rates and taxes and increase government spending.

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9
Q

Franklin D. Roosevelt

A

Roosevelt was the president of the United States during the Great Depression, and he came up with the New Deal to help his country recover from the crisis.

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10
Q

New Deal

A

The New Deal was a series of programs that helped the United States recover from the Great Depression. It included creating jobs for people, passing laws, controlling banks, and much more.

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11
Q

Demand-Side Economics

A

The idea that demand drives the economy, so during a recession, governments should support consumers.

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12
Q

Supply-Side Economics

A

The idea that supply drives the economy, so during a recession, governments should support businesses and corporations.

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13
Q

Trickle Down Theory

A

If you help the people at the top of the chain (businesses and corporations), the help with trickle down like a waterfall to help people at the bottom of the chain (individuals and consumers).

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14
Q

Ronald Reagan Economics

A

Ronald Reagan was the president of the United States in 1981, and he believed in a lack of government intervention in the economy. This would mean more of a classical liberalist approach, and the opposite of keynesian economics.

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15
Q

Margaret Thatcher Economics

A

Margaret Thatcher was the Prime Minister of Britain from 1979-1990. She did not believe in government intervention in the economy, and she had very strict policies on concepts like privatisation and unions.

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16
Q

Laissez-Faire Capitalism

A

The idea of a free market economy. A free market economy suggests that supply and demand even out if people act in their own self-interest. This is the opposite of government intervention in the economy.

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17
Q

Self-Interest

A

Individuals acting and making decisions that benefit themselves.

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18
Q

Self-Reliance

A

The ability that an individual needs to meet their own social, financial, and essential needs.

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19
Q

Collusion

A

When people or companies work together to alter the prices of goods and services to benefit themselves.

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20
Q

Right-Wing/Left-Wing Spectrum

A

A political spectrum that places different ideologies on a line based on how conservative or liberal they are. This spectrum can also be converted to economics.

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21
Q

Capitalist Economy

A

An economic system where private individuals or businesses own goods (not owned by the state or government), and the economy is controlled by supply and demand in a laissez-faire style.

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22
Q

Socialist Economy

A

An economic system where all goods and services are publicly owned by the state, community or collective. Goods are distributed to citizens, and there is more government intervention in the economy.

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23
Q

Government Subsidies

A

Financial aid from the government.

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24
Q

Individualism

A

Valuing the freedom and security of individuals and their actions over the collective or state.

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25
Q

Collectivism

A

Valuing the freedom and security of the collective or state over the individual and their actions.

26
Q

Market Economy

A

An economic system where prices, interest, etc. are controlled by supply and demand. This would be a laissez-faire or free market system.

27
Q

Planned Economy

A

An economic system where prices, interest rates, etc. are controlled and planned usually by the government.

28
Q

Free Enterprise

A

Free enterprise is another term for free market. It is an economic system that is driven by supply and demand.

29
Q

Income Disparity

A

Different levels or distribution of money.

30
Q

Neo-Conservative

A

One of the traditional ways that conservatism was supported as a reaction to classical liberalism.

31
Q

Social Welfare Programs

A

Services and programs provided by the government to help individuals or collectives if they need assistance (financially)

32
Q

Welfare State

A

A state where the government makes it their priority and responsibility to provide assistance to individuals and collectives.

33
Q

Business Cycle

A

A series of events that includes economic contraction and expansion.

34
Q

Antitrust Laws

A

Laws created that regulate businesses and create competition to drive the economy.

35
Q

Aggregate Demand

A

The total demand for goods and services within a market.

36
Q

Monetary Policies

A

Control of the amount of money in the economy.

37
Q

Fiscal Policies

A

Use of government spending and taxes to influence the economy.

38
Q

Prosperity

A

Being very successful (usually in terms of money)

39
Q

Market Forces

A

The factors that affect a certain market. These factors could affect the cost, demand, or availability of an item.

40
Q

Utopian Socialism

A

A way to improve capitalism that changes working conditions and education, but maintains the structure of society, the government, and the economy.

41
Q

Marxism

A

This would be similar to modern day communism, and it is also known as scientific socialism.

42
Q

Democratic Socialism

A

Having a socialist economy (no privatisation, collectivism) along side a democratic government

43
Q

Egalitarianism

A

An idea that all people are equal and deserve equality.

44
Q

Industrial Revolution

A

1760-1840
A time period when the economy was no longer dependant on agriculture, and it began to revolve around industry.

45
Q

Reform

A

Make change in order to improve.

46
Q

Unionism

A

The policies that protect unions

47
Q

Roaring 20’s/The Great Depression

A

1929-1939
A world-wide economic depression that began with a stock market crash and ended when world war two began.

48
Q

Regulation

A

In economics, regulation is government intervention and control.

49
Q

De-Regulation

A

Reduction or elimination of of government intervention and control. De-regulation occurs to create more competition in a market

50
Q

Taxation (progression/flat)

A

The amount that individuals are being taxed. Progressive taxation would be taxing certain people more. Flat taxation would be taxing everyone the same.

51
Q

Social Safety Net

A

Any program that is benefiting individuals or groups.

52
Q

Recession

A

a decline or contraction in the economy and the business cycle.

53
Q

Depression

A

An extreme recession in the economy.

54
Q

Inflation

A

Price increases over a period of time.

55
Q

Deficit

A

When exports are greater than imports and expenses are greater than income.

56
Q

Debt

A

When people owe others.

57
Q

Nationalization

A

The opposite of privatisation. The transfer ownership over an industry from private to state or public control.

58
Q

Friedrich Hayek

A

A man who believed in free-market capitalism. He came up with the theory about prices and information.

59
Q

Milton Friedman

A

He is considered the founder of monetarism (controlling the amount of money in the economy)

60
Q

Collective Bargaining

A

When unions or groups of workers negotiate for different working conditions or wages.

Social Studies 30-1 (4 decks)

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