Unit 2 Vocab

Question 1

Aggregate demand✅

Answer 1

aggregate demand or domestic final demand is the total demand for final goods and services in an economy at a given time

Question 2

Austerity✅

Answer 2

a set of economic policies, usually consisting of tax increases, spending cuts, or a combination of the two, used by governments to reduce budget deficits.

Question 3

Central planning✅

Answer 3

A centrally planned economy is an economy where decisions on what to produce, how to produce and for whom are taken by the government in a centrally managed bureaucracy.

Question 4

Command economy✅

Answer 4

is where the big decisions are made at the centre by the government.

Question 5

 consumerism✅

Answer 5

the idea that increasing the consumption of goods and services purchased in the market is always a desirable goal and that a person’s wellbeing and happiness depend fundamentally on obtaining consumer goods and material possessions.

Question 6

Deficit✅

Answer 6

A deficit occurs when expenses exceed revenues, imports exceed exports, or liabilities exceed assets

Question 7

 fiscal policy✅

Answer 7

the use of government spending and taxation to influence the economy

Question 8

Income  disparity✅

Answer 8

is the degree to which total income is distributed unevenly throughout a population

Question 9

 inflation✅

Answer 9

the rate of increase in prices over a given period of time

Question 10

 macroeconomic✅

Answer 10

the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy

Question 11

Monetary policy✅

Answer 11

the control of the quantity of money available in an economy and the channels by which new money is supplied.

Expanding or contracting money supply or raising or lowering interest rates

Question 12

 monetarism✅

Answer 12

a macroeconomic theory which states that governments can foster economic stability by targeting the growth rate of the money supply.

Monetarists believe that the money supply is the guiding force in economic development

Question 13

Trickle down economics✅

Answer 13

states that tax breaks and benefits for corporations and the wealthy will trickle down to everyone else.

Question 14

Wage and price stickiness✅

Answer 14

When sales fall in a company, the company doesn’t resort to cutting wages.

Question 15

Welfare state✅

Answer 15

a form of government in which the state protects and promotes the economic and social well-being of its citizens

Question 16

Cradle to grave/ womb to tomb✅

Answer 16

Social programs that benefitted individuals throughout the entire length of their life

Question 17

Nanny State✅

Answer 17

the government regarded as overprotective or as interfering unduly with personal choice

Question 18

Collateralized Debt obligations (CDO)✅

Answer 18

A collateralized debt obligation is a complex structured finance product that is backed by a pool of loans and other assets.

Collective pool of mortgages and other debts that can be collectively owned by investors

Question 19

Credit default swap✅

Answer 19

refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor.

Insurance on a mortgage or loan

Question 20

Deregulation✅

Answer 20

the reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry

Question 21

Mortgage✅

Answer 21

In its simplest form, a mortgage is a loan used to buy a home or property

Question 22

Sub prime mortgage✅

Answer 22

a mortgage loan given to a borrower who has a bad credit history and/or is earning significantly lower income than is needed to qualify for a low interest mortgage at a traditional bank.

Question 23

 Democracy✅

Answer 23

a system of government by the whole population or all the eligible members of a state, typically through elected representatives.

Question 24

Consensus decision-making✅

Answer 24

Group decision making where the goal or requirement is to be acceptable by all

Question 25

Party Solidarity✅

Answer 25

A system of political norms rules and consequences for deviance

Question 26

Anti-Semitism✅

Answer 26

hostility to or prejudice against Jewish people

Question 27

Autarky✅

Answer 27

economic independence or self-sufficiency

Question 28

Dissidents✅

Answer 28

a person who opposes official policy, especially that of an authoritarian state

Question 29

Emancipation✅

Answer 29

the fact or process of being set free from legal, social, or political restrictions; liberation.

Question 30

Enabling act✅

Answer 30

Allowed Nazi Reich government to issue laws without the consent of Germany’s parliament

Question 31

Eugenics✅

Answer 31

A set of beliefs and practises that’s aimed at improving The genetic quality of the human population

Question 32

Kristallnacht✅

Answer 32

Kristallnacht or the Night of Broken Glass, also called the November pogrom, was a pogrom against Jews carried out by the Nazi Party’s

Question 33

Leninism✅

Answer 33

Marxism as interpreted and applied by  Vladimir Lenin.

Question 34

 militarism✅

Answer 34

the belief or desire of a government or people that a country should maintain a strong military capability and be prepared to use it aggressively to defend or promote national interests.

Question 35

 nationalization✅

Answer 35

the transfer of a major branch of industry or commerce from private to state ownership or control.

Question 36

Nuremberg laws✅

Answer 36

The Nuremberg Laws were antisemitic and racist laws that were enacted in Nazi Germany on 15 September 1935

Question 37

 paramilitary✅

Answer 37

(of an unofficial force) organized similarly to a military force.

Question 38

Scientific Socialism✅

Answer 38

Scientific socialism refers to a method for understanding and predicting social, economic and material phenomena by examining their historical trends through the use of the scientific method

Question 39

Stalinism✅

Answer 39

It included the creation of a one-party totalitarian police state, rapid industrialization, the theory of socialism in one country, collectivization of agriculture, intensification of class conflict

Question 40

Totalitarianism ✅

Answer 40

a system of government that is centralized and dictatorial and requires complete subservience to the state.

Total control of citizens

Question 41

Communism✅

Answer 41

a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.

Question 42

 fascism✅

Answer 42

a way of organizing a society in which a government ruled by a dictator controls the lives of the people and in which people are not allowed to disagree with the government.

Question 43

Fiscal vs monetary policy’s✅

Answer 43

Monetary policy seeks to spark economic activity well fiscal policy seeks to total spending through tax and spending policies for the federal government 

Question 44

The Great Depression✅

Answer 44

Caused after the stock market crashed in October 1929

A third of all banks fails

Unemployment roast the 25%

Homelessness increased

Trade collapsed

Question 45

 Conscription

Answer 45

compulsory enrollment of persons especially for military service