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Social 10-1 > Economics---Chapter 9 > Flashcards

Economics---Chapter 9 Flashcards

1
Q

What are economics?

A

it is all about how the world chooses to use it’s money

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2
Q

What are politics?

A

it is all about how governments make their decisions

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3
Q

What are some examples of politics?

A
  • divided into branches
  • international relations
  • laws
  • education and health care
  • national defense
  • ECONOMICS
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4
Q

What are some examples of economics?

A
  • trade
  • resource management
  • taxes
  • tariffs
  • pensions
  • interest rates
  • currency
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5
Q

What are the 6 most common political systems?

A
  • Democracy
  • Republic
  • Absolute Monarchy
  • Constitutional Monarchy
  • Dictatorship
  • Communist (also and economic system)
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6
Q

Democracy?

A

Leaders are elected by the people

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7
Q

Republic?

A

Not a monarchy. May or may not be democratic.

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8
Q

Absolute Monarchy?

A

A King or Queen has all the power

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9
Q

Constitutional Monarchy?

A

Democracy or republic with a King or Queen as a figure head

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10
Q

Dictatorship?

A

One person is in charge with no say from the people

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11
Q

Communist?

A

All people are “equal”, but controlled by one large political party

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12
Q

What is this word?

Someone who buys something

A

Consumer

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13
Q

What is this word?

How much of a product or service is available for consumers

A

Supply

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14
Q

What is this word?

How much desire there is for a product or service

A

Demand

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15
Q

What is this word?

How much money is made

A

Profit

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16
Q

What is this word?

The work required to produce a product or provide a service

A

Labour

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17
Q

What is this word?

The raw materials needed to produce a product

A

Resources

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18
Q

What is this word?

Where you are trying to sell your goods and services

A

Market

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19
Q

What is this word?

When 2 or more companies are trying to dominate the market for a product or service

A

Competition

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20
Q

What is this word?

When there is a high demand and a low supply

A

Scarcity

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21
Q

What is this word?

When there is a high supply and a low demand

A

Surplus

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22
Q

What is an ENTRPRENEUR?

A

Someone who looks for available profit and starts their own business

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23
Q

What is this word?

When one business controls the entire market for a service

A

Monopoly

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24
Q

What is this word?

Where people can buy shares of different companies

A

Stock Market

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25
Q

What is this word?

Owning a small portion of a company

A

Shares

26
Q

What is this word?

Taxes charged on goods being traded internationally

A

Tariffs

27
Q

What are the 2 main economic concepts that are largely affected by globalization?

A

1) Trade

2) The stock market

28
Q

Economic Globalization

A

The idea that the development of global trade, transportation and communication systems was motivated by economic factors

29
Q

Which 7 factors affect the global economy?

A
  • War
  • Natural disasters
  • Changes in investor confidence
  • Famine
  • Economic uncertainty
  • Government economic decisions and policies
  • Energy and resource prices
30
Q

Which 7 ways did WW1 affect the global economy?

A
  1. Death troll
  2. Destruction
  3. Decline in manufacturing
  4. Reparation Payments
  5. Debt
  6. Pension payments
  7. Birth of communism
31
Q

What happened on black Tuesday?

A

On the New York stock exchange, share prices started going down—resulting in a crash

32
Q

What happened with world trade

A

Many countries put up trade barriers in order to protect their own industries—world trade declined—resulting in a loss of jobs

33
Q

How did the great depression affect Canada

A
  • Canadian exports fell by 50%
  • 27% of Canadian were out of work ( salaries of those who still had jobs were cut)
  • Prices of grains fell in the Prairies
  • Drought formed from 1928 - 1937
34
Q

Capitalism may also be referred to as

A

a Free Market

35
Q

Capitalism

A

no government regulations in the economy

36
Q

What are some examples of capitalism

A

Toilet paper is running out and there is a high demand for more, and an entrepreneur could create a company to supply the people with more.

37
Q

Capitalism can result in

A

competition or if there is no competition then a company has a monopoly of the market, which means they have all the control and can charge whatever they want because no one can offer a lower and better price.

38
Q

In capitalist countries, people don’t pay high taxes but…

A

they do not receive a lot of government services so they must take care of their own health care and education expenses etc.

39
Q

Who was the dude that was an influential economist who supported Capitalism

A

Milton Friedman

40
Q

Positives to Capitalism…

A
  • You decide everything for yourself
  • Pay less taxes
  • Hard work is rewarded
  • More freedom…
41
Q

Negatives to Capitalism…

A
  • Physical or mental disability might make work impossible
  • Cycle of debt…cant afford services which leads to more debt
  • No social services such as, health care, education, pensions etc
  • No social mobility
42
Q

Who was the dude that is an economist who was credited with pushing for more government regulations in the economy

A

John Maynard Keynes

43
Q

Who was the dude who opposed Keynes and had similar thoughts of Friedman

A

Friedrich Hayak

44
Q

The conference that was held in Bretton Woods was to…

A

discuss how these countries were going to avoid another economic depression and world war

45
Q

What were the two organizations that came out of the Bretton Woods conference

A
  1. World bank

2. International monetary fund

46
Q

What does GATT stand for

A

General Agreement on Trade and Tariffs

main goal was to make trade freer by reducing tariffs and trade barriers

47
Q

What are the 4 common economic systems

A
  • Capitalism
  • Mixed Economy
  • Socialism
  • Communism
48
Q

What is a mixed economy

A
  • Allows people to start companies but has more rules
  • The government has more control over things such as health care and social services
  • Citizens have to pay more taxes
49
Q

Positives in a Mixed economy

A
  • Equal health care and education
  • More social mobility
  • Less affected by economic swings
50
Q

Negatives in a Mixed economy

A
  • Higher taxes
  • Less motivation
  • Less wealthy people
51
Q

What is Socialism

A
  • A lot of Government regulations
  • Pay wayyy more taxes
  • Lots of free services such as health care, education, university, day care etc.
  • Less risk of global market — affects economic systems
52
Q

Positives in Socialism

A
  • Lots of free social services
  • Less stress
  • Less homeless peoples
  • More equality
  • Everyone’s taken care of
53
Q

Negatives in Socialism

A
  • HIGH TAXES
  • The rich leave (They would have to pay more taxes depending on the higher amount of money they make)
  • Very LOW MOTIVATION
54
Q

What is Communism

A

Struggle between workers and owners–competition—Karl Marx thought they should be more equal

55
Q

Positives in Communism

A
  • Equality
  • No homeless peoples
  • Free services such as health care, education, food, housing etc.
56
Q

Negatives in Communism

A
  • No freedom
  • No profit motive
  • No motivation
  • Countries become dictatorships
57
Q

When something is PUBLIC it means that the…

A

government owns it or has control over it

58
Q

When something is PRIVATE it means that an…

A

individual owns is or has control over it

59
Q

Public =

A

Everyone shares everything

60
Q

Private =

A

Individuals own everything

Social 10-1 (3 decks)

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