exploring economic equality

Question 1

what are three factors in economic equality

Answer 1

-egalitarianism
-equality of opportunity
-equitable distribution of income

Question 2

what is egalitarianism

Answer 2

-people own production collectively
-guaranteed annual income
-high government intervention, colelctivism

Question 3

what is equality of opportunity

Answer 3

-minimum wage
-no discrimination in hiring
-little government intervention, individualism
-opportunity is there, but people still have choice to take or not

Question 4

what is equitable distribution of income

Answer 4

-equal wages for work of equal value
- people with larger incomes pay higher tax rates
-middle on spectrum

Question 5

left-leaning and economic inequality

Answer 5

• eliminate or reduce economic inequality
  idea that wealth should be shared more equitably
  -tension and conflict is reduced

Question 6

right-leaning and economic equality

Answer 6

-small government role
- people have different talents, valued differently
- competition can lead to prosperity as a whole, wealth trickle down

Question 7

what does any economy try to solve

Answer 7

scarcity (limited resources), and choice

Question 8

four questions about economic systems

Answer 8

-what will be produced
- how will goods and services be produced
- to whom will they be distributed and at what price
- who will make these decisions

Question 9

what are the three basic economic systems

Answer 9

command economy, mixed economy, and free-market economy

Question 10

why was a command economy created

Answer 10

response to classical liberal values of industrial revolution

Question 11

how does command economy answer questions

Answer 11

what will be produced: government decides needs of society
how will they be produced: public and government ownership, no competition or private property, direction of jobs
distribution: controls according to people’s needs, may use to achieve goals
who makes decisions: leaders and central planners determine needs

Question 12

how did fidel castro attempt to achieve economic equality

Answer 12

-valued egalitarianism, everyone suffered or succeeded together
- low standard of living, high quality of life
- soviet union collapsed, cuba adjusted by introducing more liberal values (private property, higher wage), less emphasis on egalitarianism

Question 13

how did raul castro rule

Answer 13

• move economy towards more private ownership
• economic equality through other mesures

Question 14

what is a free market economy

Answer 14

-theoretical, will never exist
-little to no government intervention e.g. US during great depression
-classical liberal values are seen as posittive

Question 15

how does a free-market economy answer the questions

Answer 15

what will be produced: supply and demand, through producers
how will goods and service be produced: companies decide how to use scarce resources
distribution: whoever can afford, protected by law
who will make decisions: government allows producers to make decisions

Question 16

economic equality during the quiet revolution

Answer 16

-equality of opportunity
- focus on students being better prepared for canada’s workforce
- improve teacher training, more accessible francophone post-secondary, modern school ciriculum

Question 17

economic equality and affirmative action

Answer 17

-united states, civil rights movement
-ensure hiring process was free from discrimination
- resulted in preferred hiring of minorities, people disagreed and agreed

Question 18

why were mixed economies created

Answer 18

• widespread poverty and unemployment during Great Depression
• mix of free-market and command

Question 19

how does a mixed economy answer economic equality questions

Answer 19

what will be produced: supply and demand, government can intervene if important good/service is not accessible
how will they be produced: private companies still decide, government can intervene with laws and regulations, be government owned, or subsidized
distribution: those who can buy can buy, government provides basic needs (social safety net)
who makes decisions: private companies to accept government involvement, usually determined by supply and demand, but may intervene for common good

Question 20

what did john maynard keynes believe

Answer 20

• to avoid recession, government should encourage spending over saving

Question 21

what is fiscal policy

Answer 21

inflation: government spend less and tax more, less money for people
recession: government spend more, tax less, more money for people

Question 22

what is monetary policy

Answer 22

increase/decrease interest rates to encourage or discourage spending

Question 23

what did Franklin D Roosevelt believe

Answer 23

-government invested money in those with lower incomes (rich has responsibility to poor)
- new deal

Question 24

what did george w bush do

Answer 24

-implemented government bailout, paid through tax money
-given to institutions to keep operating and stimulate economy

Question 25

what did barack obama do

Answer 25

• added further aid to citizens, stimulate employment, support citizens losing homes
• can be seen as going against liberal values

Question 26

what is sweden’s approach to economic equality

Answer 26

-social safety net provides many programs and services to all citizens
- high level of services, high levels of taxation

Question 27

what is progressive taxation

Answer 27

persons tax rate increases as his or her earnings increase

Question 28

what is a flat tax

Answer 28

system that applies same tax rate to all citizens regardless of income