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Social Studies 30-1 > Economics > Flashcards

Economics Flashcards

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1
Q

Business Cycle

A

The periodic expansion and contraction of economic activity in a market economy

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2
Q

Capitalism

A

An economic system where private individuals own and control resources and production for profit

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3
Q

Classical liberalism

A

A political and economic philosophy emphasizing individual freedom, limited government, and free markets

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4
Q

Free enterprise

A

An economic system where businesses operate with minimal government interference

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5
Q

Iron Law of Wages

A

A theory suggesting that wages naturally settle at a level sufficient for workers’ subsistence

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6
Q

Industrialization

A

Transforming an economy from agrarian-based to one dominated by industry and manufacturing

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7
Q

Industrial Revolution

A

A rapid industrial growth and technological innovation starting in the late 18th century

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8
Q

Inflation

A

The rate at which the general level of prices for goods and services rises over time

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9
Q

Invisible Hand

A

Adam Smith’s concept of self-regulating market forces guiding economic activity

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10
Q

Laissez-faire

A

An economic policy advocating minimal government intervention in the economy

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11
Q

Mercantilism

A

An economic theory focused on accumulating wealth through trade surpluses and colonial expansion

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12
Q

Privatization

A

The transfer of ownership of businesses or assets from the public sector to private individuals or organizations

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13
Q

Profit Motive

A

The incentive to engage in activities that generate financial gain

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14
Q

Price system

A

A mechanism where prices are determined by supply and demand to allocate resources in a market economy

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15
Q

Private Property

A

Ownership of resources and goods by individuals or businesses rather than the state

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16
Q

Recession

A

A significant decline in economic activity across the economy lasting more than a few months

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17
Q

Social Darwinism

A

A theory applying natural selection concepts to human society, often used to justify inequality

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18
Q

Adam Smith

A

An 18th-century economist known as the “Father of Economics” for his work on free markets and the invisible hand.

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19
Q

John Stuart Mill

A

A philosopher and economist who advocated for individual liberty, social reform, and utilitarianism

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20
Q

Thomas Malthus

A

An economist who theorized that population growth would outpace food supply, leading to societal challenges

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21
Q

Bourgeoisie

A

The capitalist class owning the means of production in Marxist theory

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22
Q

Class conflict

A

The struggle between social classes, particularly between the bourgeoisie and proletariat, over economic and political power

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23
Q

Collectivism

A

A principle of giving priority to group interests over individual interests

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24
Q

Collectivized farms

A

Agricultural production systems where land and resources are owned and managed collectively, often by the state

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25
Q

Communism

A

A political and economic ideology advocating for a classless society and collective ownership of significant economic resources

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26
Q

“Cradle to Grave”

A

A concept of providing lifelong social welfare and support to citizens

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27
Q

Glasnost

A

A policy of openness and transparency in government and media introduced by Mikhail Gorbachev

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28
Q

GOSPLAN

A

The central planning agency responsible for economic planning in the Soviet Union

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29
Q

Marxism

A

A socio-economic theory by Karl Marx advocating for the abolition of class systems through revolutionary socialism

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30
Q

Nationalization

A

The transfer of private assets or industries to government ownership and control

31
Q

New Economic Policy

A

A policy introduced by Lenin in 1921 allowing limited market-oriented reforms in the soviet union

32
Q

Perestroika

A

A policy of restructuring the soviet economy and political system initiated by Mikhail Gorbachev

33
Q

Planned Economy

A

An economic system where production and distribution are regulated by a central authority

34
Q

Proletariat

A

The working class, particularly those who do not own the means of production, in marxist theory

35
Q

Socialism

A

An economic and political system advocating for social ownership and equitable distribution of resources

36
Q

Utopian Socialists

A

Early socialist thinkers who envisioned ideal societies based on equality and cooperation

37
Q

Karl Marx

A

A 19th century philosopher and economist who co-authored the Communist Manifesto and developed Marxism

38
Q

Robert Owen

A

A social reformer and industrialist who pioneered cooperative communities and utopian socialism

39
Q

Lenin

A

The leader of the Russian Revolution and founder of the Soviet state, advocating for Marxist-Leninist principles

40
Q

Stalin

A

The leader of the Soviet Union who implemented authoritarian rule and centralized economic planning

41
Q

Indicative Planning

A

A form of economic planning that guides market activity through forecasts and incentives rather than directives

42
Q

Deficit Financing

A

Government borrowing to cover expenditures exceeding revenue, often to drive growth and job creation

43
Q

Fiscal Policy

A

Government decisions on taxation and spending to influence the economy

44
Q

Demand-side Economics

A

An economic theory focusing on increasing consumer demand to drive growth and job creation

45
Q

Keynesian Economics

A

An economic theory advocating for active government intervention to stabilize economic cycles

46
Q

Mixed Economy

A

An economic system combining elements of capitalism and socialism with both private and public enterprise

47
Q

Monetary Policy

A

The management of a nation’s money supply and interest rates by a central bank to control inflation and economic stability

48
Q

New Deal

A

A series of programs and reforms introduced by F.D. Roosevelt to combat the Great Depression

49
Q

Progressivism

A

A political movement advocating for reforms to address social inequality, corruption, and economic issues

50
Q

Progressive Taxation

A

A tax system where the tax rate increases as income levels rise

51
Q

Tariffs

A

Taxes imposed on imported goods to protect domestic industries or raise gov revenue

52
Q

Unions

A

Organizations of workers formed to protect and advance their rights and interests

53
Q

Universal (e.g. Health Care)

A

Public services or programs provided to all citizens regardless of income or status

54
Q

Welfare Capitalism

A

A system where businesses provide social welfare programs to improve worker conditions and prevent civil unrest

55
Q

Theodore Roosevelt

A

A US President who is known for his progressive policies, conservation efforts and trust-busting

56
Q

Trust-busting

A

Government tools to break up monopolies when they control too much of the market share and prevent competition

57
Q

Welfare State

A

A government system ensuring social protection and economic security for its citizens through programs like healthcare and unemployment

58
Q

F.D. Roosevelt

A

A US president who led the country through the Great Depression and World War II, introducing the New Deal

59
Q

J.M. Keynes

A

An economist whose theories on government intervention reshaped modern macroeconomics and fiscal policy

60
Q

Macroeconomics

A

The study of the performance, behaviour, structure and decision-making of an economy as a whole

61
Q

Justin Trudeau

A

The Prime Minister of Canada is known for progressive policies on climate, diversity, and social welfare

62
Q

Deregulation

A

Thee removal or reduction of government controls and rules in industries to encourage competition and efficiency

63
Q

Flat Tax Rates

A

A tax system where all income levels are taxed at the same percentage rate

64
Q

Monetarism

A

An economic theory emphasizing the control of the money supply to manage inflation and economic stability

65
Q

Neo-Conservatism

A

A political ideology focusing on free markets, limited government, and a strong national defence

66
Q

Reaganomics

A

The economic policies of Ronald Reagan emphasized tax cuts, deregulation, and supply-side economics

67
Q

Stagflation

A

A situation of high inflation combined with stagnant economic growth and high unemployment

68
Q

Supply-side Economics

A

An economic theory focusing on boosting production and investment through tax cuts and deregulation

69
Q

Milton Friedman

A

An economist known for advocating monetarism and free-market policies

70
Q

Ronald Reagan

A

A US president known for his conservative economic policies, including Reaganomics, and deregulation

71
Q

Margaret Thatcher

A

A British Prime Minister known for promoting free markets, privatization, and reducing government intervention

72
Q

Ralph Klein

A

A former Premier of Alberta, Canada, known for fiscal conservatism and reducing public debt through budget cuts

73
Q

Danielle Smith

A

The current Premier of Alberta, Canada, known for her focus on provincial autonomy and conservative policies

Social Studies 30-1 (3 decks)

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