Economics Flashcards
Policy Making
Governance: In a democratic system, elected representatives create economic policies that affect taxation, government spending, and regulation. The structure of governance influences which policies are prioritized, based on the interests of the constituents they represent.
Resource Distribution
Governance: The democratic process can determine how resources are allocated within an economy. Different governance structures (e.g., federal vs. unitary systems) may lead to different approaches to public goods provision, welfare programs, and infrastructure investment, impacting overall economic efficiency and equity.
Accountability and Transparency
Governance: A well-structured democracy typically encourages accountability and transparency in economic decision-making. This can lead to better governance practices, reducing corruption and inefficiencies, which positively influences economic growth and development.
Economic Opportunities
Collective Identity: Access to economic resources can shape a community’s collective identity. For example, areas with high unemployment may foster a sense of struggle or resilience, influencing the values of hard work and perseverance. Conversely, prosperous regions may emphasize innovation and success, shaping a more optimistic collective identity.
Cultural Values and Economic Systems
Collective Identity: Different economic systems (capitalism, socialism, etc.) can reflect and reinforce cultural values. For instance, a capitalist society may prioritize individualism and entrepreneurship, while a socialist society might emphasize community and equality. These systems influence how citizens see their roles within society and how they connect with each other.
Global Perceptions
Collective Identity: economic performance can affect how a country is viewed internationally. Nations with strong economies may be seen as leaders or innovators, influencing national pride and collective identity. Conversely, countries facing economic
Income and Employment
Quality of Life: Economic conditions directly affect income levels and job availability. A stable job with fair wages enhances financial security, enabling individuals to meet their basic needs and pursue leisure activities, which can lead to higher overall satisfaction.
Economic Inequality
Quality of Life: High levels of economic inequality can negatively impact quality of life. When wealth is concentrated in the hands of a few, it can lead to social tensions and decreased opportunities for the disadvantaged, affecting overall societal happiness and cohesion.
Access and Services
Quality of Life: Economic policies shape access to essential services like healthcare, education, and housing. When these services are affordable and available, they contribute to a higher quality of life by promoting physical health, education, and social mobility.
Access and Healthcare
Citizenship: Canadian citizens have the right to publicly funded healthcare services, which are financed through taxes. This access ensures that all citizens can participate in the economy without the burden of excessive medical costs.
Welfare Programs:
Citizenship: As citizens, individuals can access welfare programs (like Employment Insurance) during times of need. This support helps maintain economic stability and allows citizens to recover and re-enter the workforce, benefiting the overall economy
Voting and Economic Policy:
Citizenship: Citizens have the responsibility to vote and engage in the political process, influencing economic policies that affect taxation, social programs, and labor laws, thereby shaping the economic landscape of the country.
