Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SOCY 302 > Test #1 > Flashcards

Test #1 Flashcards

1
Q

What is NeoLiberalism

A

The broad doctrine that markets work best when they are only lightly regulated and that the gov provisions of goods and services should be broadly replaced by private market provision.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is Liberalism (Political theory)

A

We want an affirmative state and should intervene in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are Negative externalities

A

The side affects of an activity that negatively affect others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the act of Privitaization?

A

Moving property or business from the public (gov), to private sphere (Privately owned industry).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are Collective action failures?

A

The failure to cooperate produces bad results for everybody. If we are unwilling to cooperate we are screwed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the Prisoner dilema?

A

Inability to cooperante. Collective action failures 4 outcomes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a Nightwatchmen state?

A

A state that does practically nothing. Resembling a night watchmen. protects people from harm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is an Affirmitive state?

A

State deliberately uses it’s power in markets and elsewhere to improve human well being, and democratic condtions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are Information failures?

A

In a perfectly free market firms would not have to provide info, but state regulations compromise free market in thsat way. Think nutrition on food.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are commodities?

A

-tradable assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the difference between use vs. exchange value?

A
  • Use- Uses of a product (house can be lived in)

- exchange- value of product in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is Predatory lending?

A

Loan selling to those who clearly will not be able to pay them back.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is Egaltarian Liberalism?

A
  • Golden age of capitalism
  • Inspired growth and didnt have a lot of wealth inequality
  • Went bust because p[rice of oil went up and could no longer intervene in market
  • Affirmitive state
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is Capital surplus assertion?

A
  • As economies around the world goes, their savings increase. The money needs to be reinvested
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Whatv is Free trade? and why is it a problem?

A

When markets are unregulated/unhindered by the government.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the difference between positive and Negative freedom?

A

Negative- Freedom from coercion(no one directly commands to do one thing)
Positive- actual capacity of people to do things (Freedom to do more things if one has the capability. all up to person)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is redlining?-

A

The rascist process in which the government lined neighborhoods according to race, and the line recieved dtermined if you were able to get loans and eventually how your socioeconomic statuis was detrmined.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are subprime loans?

A

Subprime loans are the loans that are not the best. below the best loans. next best thing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are Derivatives?

A

When the value of something is determined by the value of something else.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is Jargon?

A

special words or expressions that are used by a particular profession or group and are difficult for others to understand.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is Merchantilism?

A

-the belief in the benefits of profitable trading. the economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is the Tragedy oif the commons?

A

Everyone takes advantages of public goods/resources, thus depleting these resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What does Marxist sociologuy believe?

A

That capitalism causes the conflict between the classes, the owners vs. the workers. Causes alienation between worker and other aspects of life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is the effiecient market hypothesis?

A

an investment theory that states it is impossible to “beat the market” because stock market efficiency causes exisiting share prices to al;ways incorporate and reflect all relevant info.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is the Wasshington consensus?

A

Study document

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What are CDO’S

A

Collatirized debt obligation. All of these house mortgages good and bad sold together.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What are public good’s?

A

The public good. Something that benefits the public.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What are NINA loans

A

No income no asset loans. Meaning you received no background checks or credit checks and they essentially gave you the loan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What are Junk Bond’s?

A

A risky bond that has a high intrest rate because it is made of risky loans that may not be paid back.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What is New Public Management?

A

ideas used in the private sector must be successful in the public sector

31
Q

What is Hyperconsumerism?

A

Personally consumption is seen as a cultural ideal. Occurs when social institutions foster idea for desire for things beyond basic necessities.

32
Q

What consititutes the poverty line?

A

The cost to feed a 3 person family. Based on a time when food as greatest expense, but currently housing is.

33
Q

What are labor markets?

A

Markets in which one sells their labor as a commodity to a firm in order to make a profit.

34
Q

What is alienation?

A

Where workers are removed from the finished product of their labor

35
Q

What is an Asset bubble?

A

Asset bubbles are when the stuff you buy keeps getting bigger and bigger. but when it pops the ones who benefit the mosts from them are the ones who don’t go into debt

36
Q

What is Financialization of economy?

A

Selling financial instruments from goods

37
Q

What us the Invisible hand of the market?

A

Notion of prices as a mechanism for supplying both info and incentives to people in such a way that their activities can coordinated
- Sup0ply/demand regulate prices on own. price eventually reach equilibruium on own where stable with quantity poroduced

38
Q

What is the free riding problem?

A

People who consume more than they provide to the economy, example with fish catching 20 when limit is 10

39
Q

What does price as information state?

A

How much money something costs for a good or service to a consumer.

40
Q

What is Regulatoury failure?

A

Occurs when the Gov intervenes on distribution of goods and services.

41
Q

What is restructuring?

A

adaption to changing market by company or firm to achieve greater effieciency and profit.

42
Q

What is the true social cost?

A

private cost of a product/service + externalities (social and financial) Relate to the envi

43
Q

What is Private property?

A

A legal designation for the ownership of property by Non-Governmental legal entities

44
Q

In relation to the terms we know name how capitalism effects the Environment and Transportation?

A

Use terms for this

45
Q

What are Assets?

A

Something you buy to sell in future

46
Q

What does Liberatarian mean?

A

That each person has the autonomy and should have autonomy over their choices. “free to choose”

47
Q

How does privatization happen?

A
  • Allowing public suystems to fall apart
  • selling it
  • contacvting it
  • deregulation
48
Q

What are the main causes of the 2008 Financial crisis

A
  • Info failures
  • Predatory lending
  • subprime loans
  • corrupt rating agencies
  • over the counter trading
  • Collecting of illegal fees
  • Lenders not telling client risk
49
Q

What are the Moral Arguments for capitalism?

A
  • Libertarianism
  • Highly individualistic
  • Should be allowed to use one’s property as one likes as long as it doesn’t interfere
  • Owners of production means should be allowed to hire workers on any terms agreed upon by owner and worker
50
Q

What is the Pragmatic argument for capitalism?

A
  • Cordination
  • Supply and Demand
  • Innovation and Growth
51
Q

In relation to the pragmatic argument what does Cordination state?

A

◦A market economy based on decentralized, privately owned firms is the best way to solve the issue of the unbelievably complex matter to get multiple activities coordinated.

  • Capitalist markets provide optimL CORDINATION OF GOODS DISTRIBUTION
52
Q

In relation to the pragmatic argument what does Supply/demand state?

A

will regulate prices on its own. Prices will eventually reach equilibrium where they are stable with quantity produced

53
Q

In relation to the pragmatic argument what does Innovation/Growth state?

A
  • Market allows firms and people to take risk and obtain rewards for progression
  • Competition among firms intensifies
  • There is considerable pressure on firms to innovate in order to survive against competition
54
Q

What does the Moral argument against capitalism state?

A
  • Negative and Positive Freedom
  • Capitalism also generates and enforces restrictions on freedoms
  • Genrates massive wealth and income inequality.
55
Q

In relation o the moral argument AGAINST capitalism What is the difference between Positive and Negative Freedom?

A

Negative- Freedom soley with the act of choice “freedom from”
- Positive- range of choices a person can make “Freedom to”

56
Q

In relation to the moral argument against capitalism how does Capitalism also generate and enforce restrictions on freedoms?

A
  • Power relations with capitalist firms constitute pervasive restrictions on individual autonomy and self-direction.
  • without ownership or means of production, workers must seek work.
57
Q

What are the five Pragmatic arguments Against capitalism?

A
  1. Info failures
  2. Underproduction of public goods
  3. short time horizons
  4. Negative externalities
  5. concentration of economic power.
58
Q

In relation to the pragmatic arguments against capitalism, what does Information Failures mean?

A

•“failure” of businesses to provide customers potentially valuable information about products and services that may deter purchases (ex. nutrition labels); libertarians like regulated info so consumers can make choices

59
Q

In relation to the pragmatic arguments against capitalism, what does Underproduction of public goods mean?

A

-Think about collective actionfsailure, free rider problem–and, if capitsalist firms provided public goods like education or health

-

60
Q

In relation to the pragmatic arguments against capitalism, what does Short time horizons mean?

A

-Money has to keep moving , make a profit and reinvest. could lead to envi issues

61
Q

In relation to the pragmatic arguments against capitalism, what does Negative externalities mean?

A

All the side effects of an activity that negatively affect others in the future. When an action has a negative social consequence.

62
Q

In relation to the pragmatic arguments against capitalism, what does Concentration of economic power mean?

A

.competition is required and growth requires the consumption of others in the marketplace, therefore Complete focus on other services which draws out smaller retailers.

63
Q

What is public goods?

A

Publick good: Goods and services, usually provided by the government, for the benefit of the public. Not every pays for it.

64
Q

What are positive externalities?

A

Side effects that benefit others. When an action has a positive social consequence.

65
Q

What does Egalintariasm (Political doctrine) state?

A

•political doctrine that all people should be treated as equals and have the same political, economic, social, and civil rights

66
Q

What is Power?

A

The ability to get your way even against the objections or resistance of others; imposing your will.

67
Q

What are Long term Horizons?

A

Fixed point in time where certain processes will be evaluated.

68
Q

What are Subprime Loans?

A

Loans given to people who didn’t have good credit with higher interest, rates, and fees. Loans less than the best

69
Q

What are the problems with the Prisoners dilemma?

A

Assumes level of selfishness; purely rational, no compassion, assumption of other’s behavior rather than a personal decision.

70
Q

What is Gerrymandering?

A

the process by which voting district borders are designed to benefit those already in power.

71
Q

Four terms to aplly to environment?

A

-

72
Q

Four terms to apply to transportation?

A

-

73
Q

Four terms to apply to consumerism?

A

-

SOCY 302 (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions