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H AC 1 > FINAL > Flashcards

FINAL Flashcards

1
Q

Circular Flow Model

A

Businesses: in=selling products/services, out=expenses and taxes
Households: in=wages and payments, out=consumption and taxes
Government: in=taxes, out=services and expenses

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2
Q

Industrialization

A

natural resources + new ideas produce a boom for industry and railroads, laborers unionize and the government addresses business corruption.

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3
Q

Natural Resources

A

raw materials used to produce goods. Ex: coal, wood, iron, copper, oil. Abundant in US

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4
Q

Human Resources

A

Increased population following the Civil War provided a large workforce. Large population also meant more demand.

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5
Q

Bull Market

A

stock prices are rising

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6
Q

Bear Market

A

stock prices are steadily dropping

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7
Q

Andrew Carnegie

A

both Robber Baron and Captain of Industry, gospel of wealth, believed philanthropy>charity

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8
Q

Supply

A

Products and services businesses are willing to make available

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9
Q

Demand

A

Products and services consumers are willing to buy

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10
Q

Gross Domestic Product

A

Total monetary value of all finished goods and services produced within a country’s borders

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11
Q

Gross National Product

A

Total monetary value of all finished goods and services produced by a country.

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12
Q

Laissez-Faire

A

government takes a hands off approach to the economy

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13
Q

Command Economy

A

an economy in which production, investment, prices, and incomes, are determined centrally by a government

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14
Q

Market Economy

A

an economic system in which production and prices are determined by unrestricted competition between privately owned businesses

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15
Q

Traditional Economy

A

A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions.

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16
Q

Social Darwinism

A

Social evolution based on Darwin’s theory. Applies Darwin’s theory of natural selection to the struggle between workers and employers.
Society should do as little as possible to interfere with whether or not people are fair or successful. The rich are those that fit and the poor are not fit.

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17
Q

Gospel of Wealth

A

Believed that people should be free to make as much money as they can. After they make it they should give it away. Believed that wealth should Not be left to heirs. Believed that wealth should be distributed before you die. Believed that it was for the rich to give the poor through philanthropy

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18
Q

Vertical Integration

A

Occurs when a company controls all of the means of production for a particular product

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19
Q

Horizontal Integration

A

Occurs when a company merges with or takes over another company in the same industry

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20
Q

Captain of Industry

A

A business leader who means of massing a personal fortune contributes positively to the country in some way

21
Q

Robber Baron

A

An American capitalist of the latter part of the 19th century who became wealthy through exploitation of natural resources, government influence, or low wage scales.

22
Q

Holding Company

A

Owns enough stock of companies that it controls the company

23
Q

Monopoly

A

If one company that merges with or takes over all the companies in the same industry, is considered a monopoly

24
Q

Pendleton Act

A

required that jobs be filled by qualified individuals

25
Q

Social Gospel Movement

A

social movement that applied the teaching of the Bible to society

26
Q

Muckrakers

A

journalist who exposed corruption

27
Q

Recall

A

voters remove elected official through early election

28
Q

Referendum

A

voters, not legislature, decide if initiative becomes law

29
Q

Initiative

A

bill proposed by people, not lawmakers, put on ballots

30
Q

Binding Arbitration

A

the submission of a dispute to a neutral 3rd party who hears the case and makes a decision

31
Q

17th Amendment

A

allowed for the direct election of senators by the state’s voters

32
Q

Booker T Washington

A

believed that racism will end if Blacks get labor skills, Tuskegee Normal

33
Q

W.E.B. DuBois

A

first African American to get Harvard doctorate, encouraged liberal arts schools to put Blacks in leadership positions, Niagara Movement

34
Q

Assembly Line

A

sped up production, made people work like machines, cause higher worker turnover

35
Q

NAACP

A

National Association for the Advancement of Colored People, founded by W.E.B. DuBois

36
Q

Plessy v. Ferguson

A

1896, segregation legal in public places, allows “separate but equal” doctrine but not actually followed.

37
Q

Election of 1912

A

Democrats win in 1912, get electoral majority because the Republican party is split. Woodrow Wilson (D), William H Taft (R), Teddy Roosevelt (BM), Eugene Debs (S)

38
Q

Imperialism

A

Economic, political, military control of a weaker country by a stronger one

39
Q

Spanish American War (territories)

A

Cuba, Puerto Rico, Guam, Philippines

40
Q

Spanish American War (causes)

A

Threat to sugar plantations, Destruction of US property, Sinking of the USS Maine

41
Q

Gunboat Diplomacy

A

using armed services or threats to sway foreign affairs, used by TR

42
Q

Dollar Diplomacy

A

using economic means to sway foreign affairs, used by Taft

43
Q

Banana Republic

A

a central American country that relies on fruit for support and the US for protection, ex: Costa Rica

44
Q

Sphere of Influence

A

areas where the US has presence and therefore influence over the surrounding area, ex. Cuba

45
Q

Paradox of Power

A

you know you need them but you hate the fact that you do

46
Q

Allied Powers

A

Russia, France, Great Britain, Italy, USA, Serbia, Romania, Greece, Portugal

47
Q

Central Powers

A

Germany, Austria-Hungary, Ottoman Empire, Bulgaria

48
Q

War resolution date

A

April 6, 1917

H AC 1 (5 decks)

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