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Social 30-1 > Economics > Flashcards

Economics Flashcards

1
Q

economic systems

A

public enterprise
command economy
centrally planned
state economy

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2
Q

Karl Marx

A

theory- if a place that works together and runs on wage labour, then there would be class struggle (workers taking power)
capitalism would lead to communism
planning- social utopianism

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3
Q

Critique of Capitalism 1867

A
  • society > individualism
  • planned production > self interest
  • profits should be shared
  • capitalism ignored human conditions
  • producers saw worker as no value
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4
Q

Communist Manifesto 1848

A

workers awareness of plight- works would do something about their problem, leads to revolution

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5
Q

Dialect Materialism

A
  1. exploitation of power
  2. bourgeoisie accumulate, and pay proletariat subsistence wages
  3. crisis falling profits
  4. rich-richer, poor-poorer
  5. inevitable revolution of plight
  6. dictatorship of proletariat
  7. classless society
  8. withering of state, everyone equal
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6
Q

main ideas of marxism

A
  1. class struggle
  2. bourgeoisie (oppressor) vs. proletariat (oppressed)
  3. inevitable victory of proletariat
  4. revolution, public ownership
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7
Q

Robert Owens

A
  • Utopian socialism
  • profit motive that revolves around collectivism
  • ownership is voluntary, not through class struggle/revolution
  • modern liberalism
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8
Q

Smith’s theory

A
  1. anti-mercantilism- royal controls producers, ignores consumers
  2. decentralization- should be made by producers/consumers
  3. barter system- fair exchange, if people have self-interest = long prosperity
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9
Q

Laissez-faire

A

smith, let it be, no gov

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10
Q

invisible hand

A

smith, market forces supply/demand and prices, long prosperity, competition

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11
Q

role of gov in free market

A
  • national defense, stability
  • private property, competition
  • anti-monopoly laws, competition
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12
Q

unemployment

A

cheap labour = diversity goods

self interest

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13
Q

what was Dicken’s, chaplin, and marx’s response to smith’s theory?

A

does self-interest serves as a common good

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14
Q

capital

A

initial money needed to gain land and labour

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15
Q

scarcity

A

finite resources/infinite demand

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16
Q

economic bubble

A

price range exceeds value

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17
Q

social costs

A

capitalism/individualism/profit motive leads to achievments

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18
Q

consumer sovereignty

A

free to make their own decisions, dollar voting

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19
Q

profit motive

A

reasons producers produce to make a profit

20
Q

innovation

A

competition

21
Q

wealth of nation

A

sum total of production

22
Q

Hubris

A

great crash of october 1929

23
Q

free market factors that lead to the great depression

A
  • unregulated banking (laissez-faire)
  • consumer confidence
  • inflated economic bubble
  • domino effect of unemployment
24
Q

hyperinflation

A

too much money, few goods

inflation of germany 1920- inflation to hyperinflation

25
Q

stock market crash 1928/29

A

loss of consumer confidence and savings

26
Q

John Maynard Kaynes

A

demand side, gov needs to spend money to create jobs, mixed economics, left wing, modern liberal, cradle to grave theory

27
Q

demand side

A

gov intervention, public property, increase of regulation

28
Q

Hayek and Friedman

A

capitalism is good, opposite of Kaynes, no gov, though like smith, central planning, free market, monetary policy, classical liberal

29
Q

neo-conservative response

A

uses demand side fails to create free market, less gov

30
Q

Naunced

A

freer market

31
Q

reagonomics

A
  1. reduce gov spending
  2. reduce taxes
  3. reduce gov regulation
  4. control money supply to reduce inflation
32
Q

Welfare state

A

protection of those who can’t provide

social safety net to prevent from going into poverty

33
Q

fiscal policy

A

taxation and gov spending

progressive taxes- pay % of tax based on income

34
Q

Monetary policy

A

encourages consumer confidence, limits inflation
- lack of confidence = money increases to lower interest rates
- show of confidence = money decreases to increase interest rates
monetary- controlling money supply

35
Q

Bolshevik revolution 1917

A

overthrows monarchy and removes itself from WWI (war communism)
- Lenin and vanguard, extremists
goal- nationalize industries public property)

36
Q

new economic policy 1921

A

Lenin, mixed economy with capitalism

NEP- pragmatic, private enterprise

37
Q

Stalinism

A
  • different than marx b/c communism should be world wide
  • Stalin, USSR
  • POLITBURO: executive committee of communist party
  • GOSPLAN: economic state planning communism
38
Q

5 year plan 1928-1953

A
  • stalinism
    1. modernization
    2. industrialization
    3. collectivism- ukraine famine (Holodomor), land owners (Kulaks), prison camps (Gulogs)
    4. militarization
39
Q

capitalism

A

boom and bust cycle

roaring 20’s

40
Q

economic triangle

A
  • long term prosperity

- consumer, producer, gov

41
Q

unions

A

coming together to achieve a common goal, collective bargaining, center left

42
Q

Leninism

A

communist vanguard leads to world proletariat rule (NEP)

43
Q

Stalinism

A

using fear/terror to rule and to achieve communism (centrally planned)

44
Q

Great Depression

A

demanded gov to reconsider social contract, created jobs for people

45
Q

deregulation

A

leads to investment/growth, raising unemployment, improving taxes

46
Q

privitization

A

selling public property to individuals

Social 30-1 (6 decks)

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