FINAL Flashcards
Circular Flow Model
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
Industrialization
natural resources + new ideas produce a boom for industry and railroads, laborers unionize and the government addresses business corruption.
Natural Resources
raw materials used to produce goods. Ex: coal, wood, iron, copper, oil. Abundant in US
Human Resources
Increased population following the Civil War provided a large workforce. Large population also meant more demand.
Bull Market
stock prices are rising
Bear Market
stock prices are steadily dropping
Andrew Carnegie
both Robber Baron and Captain of Industry, gospel of wealth, believed philanthropy>charity
Supply
Products and services businesses are willing to make available
Demand
Products and services consumers are willing to buy
Gross Domestic Product
Total monetary value of all finished goods and services produced within a country’s borders
Gross National Product
Total monetary value of all finished goods and services produced by a country.
Laissez-Faire
government takes a hands off approach to the economy
Command Economy
an economy in which production, investment, prices, and incomes, are determined centrally by a government
Market Economy
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses
Traditional Economy
A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions.
Social Darwinism
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.
Gospel of Wealth
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
Vertical Integration
Occurs when a company controls all of the means of production for a particular product
Horizontal Integration
Occurs when a company merges with or takes over another company in the same industry
Captain of Industry
A business leader who means of massing a personal fortune contributes positively to the country in some way
Robber Baron
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.
Holding Company
Owns enough stock of companies that it controls the company
Monopoly
If one company that merges with or takes over all the companies in the same industry, is considered a monopoly
Pendleton Act
required that jobs be filled by qualified individuals
Social Gospel Movement
social movement that applied the teaching of the Bible to society
Muckrakers
journalist who exposed corruption
Recall
voters remove elected official through early election
Referendum
voters, not legislature, decide if initiative becomes law
Initiative
bill proposed by people, not lawmakers, put on ballots
Binding Arbitration
the submission of a dispute to a neutral 3rd party who hears the case and makes a decision
17th Amendment
allowed for the direct election of senators by the state’s voters
Booker T Washington
believed that racism will end if Blacks get labor skills, Tuskegee Normal
W.E.B. DuBois
first African American to get Harvard doctorate, encouraged liberal arts schools to put Blacks in leadership positions, Niagara Movement
Assembly Line
sped up production, made people work like machines, cause higher worker turnover
NAACP
National Association for the Advancement of Colored People, founded by W.E.B. DuBois
Plessy v. Ferguson
1896, segregation legal in public places, allows “separate but equal” doctrine but not actually followed.
Election of 1912
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)
Imperialism
Economic, political, military control of a weaker country by a stronger one
Spanish American War (territories)
Cuba, Puerto Rico, Guam, Philippines
Spanish American War (causes)
Threat to sugar plantations, Destruction of US property, Sinking of the USS Maine
Gunboat Diplomacy
using armed services or threats to sway foreign affairs, used by TR
Dollar Diplomacy
using economic means to sway foreign affairs, used by Taft
Banana Republic
a central American country that relies on fruit for support and the US for protection, ex: Costa Rica
Sphere of Influence
areas where the US has presence and therefore influence over the surrounding area, ex. Cuba
Paradox of Power
you know you need them but you hate the fact that you do
Allied Powers
Russia, France, Great Britain, Italy, USA, Serbia, Romania, Greece, Portugal
Central Powers
Germany, Austria-Hungary, Ottoman Empire, Bulgaria
War resolution date
April 6, 1917
