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Social 30-2 > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

For long-term prosperity and to satisfy the people’s needs/wants. Includes distribution of goods and consumption.

A

Economic System

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2
Q

Your property belongs to you, what you do to it is up to you.

A

Private Property

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3
Q

A property that belongs to the government, you do not have all the freedom to do anything you want with it.

A

Public Property

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4
Q

A system that benefits the king. “Government (king) regulates all of the trade.

A

Mercantilism

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5
Q

People are guided by their individual decisions which, when allowed, will ultimately benefit all.

A

Invisible Hand

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6
Q

The amount of certain products/services available.

A

Supply

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7
Q

What people would most likely want and buy.

A

Demand

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8
Q

Motivator of free-market economy. The money earned.

A

Profit

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9
Q

Rural area (farming) —–> Cities (Factories)

A

Urbanization

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10
Q

Theodore Roosevelt coined this phrase to signify that both labour and capital must be treated fairly. (The Meat Inspection Act (1906) and Food and Drug Act (1906).)

A

Square Deal

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11
Q

American’s massive economical boom by adapting Industrial Revolution from Great Britain.

A

Gilded Age

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12
Q

Started as people’s responses to poor standard of living during that time period.

A

Progressivism

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13
Q

You can do whatever you want unless it harms others. (John Stuart Mill)

A

Harm Principle

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14
Q

Left leaning ideology, poverty is the key problem. The rich should provide for the poor.

A

Socialism

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15
Q

Utopian socialist who was a factory owner but felt that he has a responsibility for his workers.

A

Robert Owen (1771- 1858)

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16
Q

French philosopher who is the founder of utopian socialism. Credited with the word Feminism. Characterized poverty as the principal cause of disorder in society.

A

Charles Fourier ( (1772- 1837)

17
Q

People who try to end the social problems caused by Industrial Revolution (ex. poverty, poor working conditions) and also advocated a perfect society.

A

Utopian Socialists

18
Q

The working class (based on Marxist ideology).

A

Proletariat

19
Q

The (factory) owners that exploit the people with money (based on Marxist Ideology).

A

Bourgeoisie

20
Q

Government controls the economy (no competition or free-market).

A

Command Economy

21
Q

Everyone is neither poor or rich, everyone is equal.

A

Classless Society

22
Q

Dramatic economic and cultural growth in USA after WWI. Almost everyone was rich.

A

Roaring Twenties

23
Q

Production of consumer products. More for people to buy (not really needed to survive).

A

Consummerism

24
Q

Tied to classical liberalism, the welfare of people is taken care by capitalist (business owners, rich people).

A

Welfare Capitalism

25
Q

Things like supply & demand greatly affect how the economy runs.

A

Market Forces

26
Q

The value of money is less and requires more.

A

Inflation

27
Q

When economy is not doing very well.

A

Recession

28
Q

A long-lasting economical crisis. A really bad recession.

A

Depression

29
Q

Due to The Great Depression, government started introducing this for people in case they their jobs.

A

Welfare State

30
Q

Belief the government has responsibility on you from birth to death,

A

Cradle to Grave

31
Q

The government makes influential decisions but not as heavily involved as command economy.

A

Central Planning

32
Q

Time period in Europe when people started getting ideas of change, Started questioning society.

A

Enlightenment

33
Q

Another word for modified free-market. Government intervention in free-market economy.

A

Mixed Economy

34
Q

The more money the person earns, the higher the taxes they have to pay.

A

Progressive Taxation

35
Q

Everyone has the same tax percent to pay despite the amount of money you earn.

A

Flat Tax

36
Q

Government should provide money when there is a crisis (Modern Liberal).

A

Stimulus

37
Q

Government should cut money when there is a crisis (Classical Liberal).

A

Austerity

Social 30-2 (6 decks)

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