Social Studies Flashcards
Who wrote The Wealth of Nations, and invented field of modern economics?
Adam Smith
Economics
The study of how people produce, buy, sell goods and services
Goods
Things you buy
Services
Tasks that you pay people to do
What did Adam Smith believe in?
More freedom people had, more harmonious society would be
Exports
Goods sold to other countries
Imports
Good bought from other countries
Mercantilism
Governments actively interfered with the economy. Supported their own nation’s industries, and discouraged the purchase of goods from other countries
Zero-Sum Game
Where one country’s gain is necessarily anther’s loss; wealth comes from labor, not gold or silver
How can a country’s economy grow without decreasing wealth of its neighbors?
Through increased labor or productivity
What are the 3 general strategies for helping economy grow?
- Letting people pursue own self-interest or individual goals. 2. Division of Labor 3. Free Trade
Invisible Hand (of the market place)
Allowing people to pursue own self-interest or individual goals
How can one produce more goods?
When work is broken up into simple tasks
Free Trade
When government stays out of way of international trade everyone benefits
What is preferable to an economy?
Free Market
Free Market idea is known as…
laissez-faire, french for “Let it be”
Laissez-faire
Let it be
Who is known as the father of modern economics?
Adam Smith
Communism
Is an economic system where wealth is distributed evenly to everyone
Capitalism
Everybody competes to make money
What does a pure communist society include?
No private property and everybody would be equal in wealth and social status
Communism was created by what two German philosophers?
Karl Marx and Friedrich Engels
What did Karl Marx and Friedrich Engels publish?
A short pamphlet called The Communist Manifesto
What was their thought on capitalism?
Created of two unequal classes Proletariat and Bourgeoisie
Proletariat
Is the working class in the “capitalism” society
Bourgeoisie
Or Bourgeois, are the wealthier classes in the “capitalism” society Owners of Capital factories, buildings, properties
Both Russia and China the leaders of a communism country quickly established what type of government?
Totalitarian
Totalitarian
Most power in single dictator
Communist societies have what type of economy?
Centralized economy
Centralized Economy
about everything is controlled by the government
Socialism
Cross between capitalism and communism, found in many countries in Europe, but have many different degrees of socialism
What do the laws of supply and demand control?
How much we pay for goods and servies
The price that a consumer pays for a good or services is determined by what two things?
- Supply 2. Demand
Supply
How much of a good or service there is; how much of something producers or service providers will sell at a particular price
Demand
How much people want a product or a service
Companies will…
produce more of a product if they think they can sell a lot of it at a HIGHER price
People will…
buy more of something if it’s cheap
When products gets more expensive, what happens to the demand?
Demand decreases
Producers desire to make money pushes prices ____ and consumers desire to save money pushes prices ____
up down
Equilibrium Point
The price amount where supply is equal to the amount demanded; where the supply and demand curves intersect
What do we say when supply and demand equal out?
Market has cleared
Widget
is used to describe any device or contraption they’re using in an example
Where did the assembly line come from?
Industrial Revolution
Industrial Revolution
A major period of technological advances beginning in the 18th century
What company became the first to mass produce cars?
Olds Motor Vehicle Company
Who perfected the process of mass production of cars and what did they use?
Henry Ford, used conveyor belts
Assembly Line
Is a system that’s used a lot for mass production in factories
Interest
A percentage of your cash the bank gives you just for keeping your money there
Essential Expenses
Things you absolutely need
Fixed
Means amounts stays the same every month
Variable
Means amount changes from month to month
What are the three problems of debt?
- Can’t pay for everything you need 2. Serious financial trouble 3. Bankruptcy
Stock
Is the money that’s raised by a corporation that sells shares of itself to the public
Person who owns stock is called a…
…shareholder or investor.
Incorporating
aka corporation, is one way to organize a business
What is a country’s economy?
The sum total of all the buying and selling that goes on
Business Cycle
The pattern of expansion and contraction is known
Beliefs
Are ideas that make sense to us
Segregate
to separate or set apart from others: ISOLATE
Racism
When one group of people is treated less fairly than others because of their race
After Civil war in 1868, what amendment was ratified?
14th Amendment
What does the 14th Amendment protect?
Protected the rights of all the newly freed African Americans
What does the 14th Amendment say?
You couldn’t take away anyone’s life, liberty, or property
What did the Supreme Court decide when they heard about the Plessy vs. Ferguson Case?
Decided segregation was okay as long as the separate thins were equal in quality; “separate but equal”
What was the problem of the Supreme Court’s decision after hearing about the Plessy vs. Ferguson case?
Most things got separated and was very equal
In 1950, what happened in Tompeka, Kansas?
Oliver Brown tried to enroll his daughter in a local white school, but because she was African American, she was forced to go to a segregated school that was much further away.
Who was Oliver Brown’s lawyer when their case made it to the supreme court?
Thurgood Marshall
What did Thurgood Marshall argue?
Separate schools could never be equal
How did the Brown vs. Board of Education of Topeka end?
All 9 Supreme Court Justices decided in Brown’s favor
The original 13 colonies didn’t like what? Was it enough to spark a revolution?
Being Ruled by a king; King George III of England No
What were the colonist really angry about in England?
Not having any representation in Parliament
Parliament
The British version of Congress
What could Parliament do to the colonist?
They could pass laws affecting the American colonists, even though none of the colonists voted
Parliament passed what act in 1765?
Quartering Act
What did the Quartering Act say?
British soldiers in the colonies could stay in any private home they wanted; Families there would have to house and feed them
What were the colonists ESPECIALLY angry about?
All the taxes Parliament heaped on them
What was the first of the Tax act on the colonies?
Sugar Act of 1764
What was the Sugar Act of 1764?
A tax on sugar, molasses, and other stuff the colonies imported
This act prompted who to say what?
James Otis, a Massachusetts lawyer, “Taxation without representation is tyranny!”
The colonists battle cry after the first act was passed was…
“No taxation without representation!”
Did Parliament listen to the colonies? What did they do after the first tax act?
Parliament did not listen to the colonies, and just kept adding more taxes
What was the act after the Sugar Act of 1764?
Stamp Act of 1765
Stamp Act of 1765 taxed what?
All legal and commercial documents included diplomas, contracts, newspapers, and playing cards
What did the colonist organize after the Stamp Act of 1765?
Stamp Act Congress in NYC
What did Samuel Adams of Boston organize?
Chapters of the Songs of Liberty
What did the Sons of Liberty do?
They burned any stamp act paper they could find; tarred and feathered British officials
What did the colonists do to British goods?
Boycotted
What did the Daughters of Liberty help do?
Helped create things like what people were no longer buying from the British like clothing
The boycott hurt the British trade and what did the parliament do in conclusion to the boycott?
They repealed the Stamp Act in 1766, but they passed another set of new taxes with the Townshend Acts in 1767
What were the Townshend Acts?
Taxed imports like glass, paper, paint, lead, and tea; also allowed British officers to search homes and businesses for smuggled goods
What did the British Officers need in order to search homes and businesses for smuggled goods?
Needed search warrants called Writs of Assistance
Eventually, anger boiled over during what event?
Boston Massacre