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Social 30-1 > Unit 3: Classical Liberalism > Flashcards

Unit 3: Classical Liberalism Flashcards

1
Q

Economic System

A
  • the structure by which resources are allocated, goods are produced, and services are distributed within a society.
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2
Q

Private Property

A
  • legal ownership of resources by individuals themselves or non-governmental entities, granting exclusive rights to use, control, and transfer the property
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3
Q

Public Property

A
  • resources and assets that are owned and managed by the government or community as a whole, rather than by private individuals or entities.
  • These resources are typically intended for use and benefit of the general public, such as public parks, roads, and government buildings
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4
Q

Mercantilism

A
  • emphasized maximizing exports and minimizing imports to accumulate wealth, often through state intervention, tariffs, and the acquisition of colonies to secure resources.
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5
Q

Scarcity

A
  • when there aren’t enough resources (limited) to meet all the unlimited wants and needs of a society
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6
Q

What do all economic systems face and aim for

A
  • Long term prosperity
  • satisfy wants and needs of people
  • deal with scarcity
  • utilitarianism (Mill) - the collective or government should do things that make people happy
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7
Q

Principles of Individualism / Liberalism

A
  1. Rule of law
  2. individual rights and freedom
  3. private property
  4. economic freedom
  5. self-interest
  6. competition
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8
Q

Principles of Collectivism

A
  • Collective interest
  • adherence to collective norms
  • public property
    -economic freedom
  • co-operation
  • collective responsibilities
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9
Q

Physiocrat

A
  • Group of french economists who believed that agriculture was the source of wealth and that the products should be highly prices
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10
Q

when did mercantilism start? who had benefits

A
  • Before free-market
  • monarchs used it to benefit them
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11
Q

Supply

A

quantity of a good or service that producers are willing to offer for sale at various prices

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12
Q

Demand

A
  • quantity of a good or service that consumers desire to buy at various prices
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13
Q

Profit

A
  • financial gain that occurs when the revenue generated from the sale of goods or services exceeds the total costs incurred in producing those goods or services
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14
Q

Adam Smith

A
  • Limited Government
  • People working for themselves will increase the wealth of the nation (invisible hand)
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15
Q

Did Smith favour competition or cooperation. why

A
  • competition
  • he suggested that increased competition among producers and consumers would allow for better products and lower prices for all
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16
Q

explain the supply and demand curve graph

A
  • p=price
  • q= quantity
    -d= demand
  • s = supply
  • Prices and products are determined by the demand of the product.
  • demand up price up. demand down price down
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17
Q

Profit snd self-interest by smith

A
  • profit encouraged people to take risk
  • investments to assets or products generate potential profit
  • larger profit makes entrepreneurs more likely to invest
  • efficiency should be increased to produce more profit
  • capitalists compete with each other for whoever has better efficiency and helps with profits
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18
Q

how is competition good by smith

A
  • helps maximize profits
  • businesses compete with each other when it comes time efficiencies of a product therefore whoever has the best gets more profit than the other
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19
Q

what did smith say about government intervention in the economy

A
  • limited BUT they should only be there ti prevent monopolies, oligopolies, cartels from forming
20
Q

what did smith think about unemployment

A
  • necessary for economy. not too much not too less
  • access to cheap labour because many people are willing to do jobs even at low pay
  • (those who have worked for a long time want to demand wage raise but can be fired and an u employed can come and work without asking for the raise)
  • advancement of the economy as the money is for the business not the workers
21
Q

consumer sovereignty

A
  • consumers have the power to decide the market.
  • what to make and what it cost
22
Q

monopoly

A
  • when one conpany completely controls a specific product
  • full power on price
23
Q

oligopoly

A
  • market is dominated by a group of people only
24
Q

cartel

A
  • a group of producers who actively control supply and price of a trade, good, service
25
Q

anti-combine laws

A
  • laws to help prevent oligopoly, cartel, monopoly
  • government step-in
  • no free market
26
Q

traditional economy

A
  • A traditional economy is an economic system where economic decisions are based on customs, traditions, and cultural beliefs rather than market forces.
  • In a traditional economy, production methods are often passed down from generation to generation
27
Q

what were developments of the industrial revolution

A
  • human labour to machine
  • rural to urban society
  • ## increase in production
28
Q

labour unions

A
  • are organizations formed by workers to protect their rights and interest in the work place
  • advocates for better working conditions, fair wages, and workers right
29
Q

Was education important in the economy?

A
  • yes
  • government paid for the education which gets them more involved in economy
30
Q

nouveau riche

A
  • the new wealthy elite of the industrial revolution
31
Q

the gilded age

A
  • late 19th century USA
  • massive economic growth and mass immigration from Europe to the USA
  • but also extreme poverty and inequality
32
Q

John Stuart Mill

A
  • acknowledge the struggle between freedom and authority
  • tyranny of the majority ( majority of population can dominate the minority)
  • viewed individuals can be free as long as it does not harm anyone
  • strong advocate for freedom of speech
33
Q

theodore Roosevelt

A
  • used government control to help the poor (at that time government focused on wealth so he believed against it)
  • supports poor and the workers
  • square deal (labour and capital must be treated fairly)
34
Q

what was square deal and whos idea was it

A
  • theoroee roosevelt
  • balance between capital and labour
  • fair treatment for all workers, consumers, and business owners
  • equality for all
35
Q

What did william taft propose

A
  • Sherman Anti-Trust-Act to prevent monopolies
  • fair competition
  • protect consumers by ensuring that businesses are fair
36
Q

socialism

A
  • government control is necessary ; protection of the group is more important than anyone individual
  • rejects classical liberalism
  • public ownership and economic equality
  • generally refers to any ideology that believes resources are best controlled by a national government
37
Q

____ is a reaction to — liberalism

A
  • socialism
  • classical
38
Q

robert owen

A
  • He believed in the idea of utopian socialism and advocated for workers’ rights, education, and social welfare.
  • utopian socialist
  • industrialist
39
Q

charles fourier

A
  • french philosopher
  • founder of utopian socialism
  • credited with the word feminism
  • said that poverty is the principle cause of disorder in society
40
Q

marxism

A
  • communism
  • worldwide revolution necessary to remove unequal treatment of the proletariat (workers)
  • classless society
41
Q

friedrich engels and explain his idea to communist manifesto

A
  • communist manifesto
  • abolition of private property
  • income tax (more you make the more you pay)
  • state controls banks
  • equal requirements of work for all
  • free education to all members of society
42
Q

stages of communism

A
  • increased unemployment and lower wages leads to a revolution
  • establishment of a dictatorship of the proletariat
    -shared wealth and resources = classless society
    -
43
Q

vladimir lenin

A
  • applied Marxism in russia
  • created the soviet union
  • applicate marxism and made it known as leninism
44
Q

Utilitarianism who believed on it

A
  • the collective or government should do things that make people happy
  • Stuart Mill
45
Q

Utilitarianism who believed on it

A
  • the collective or government should do things that make people happy
  • Stuart Mill
46
Q

what is sherman anti trust

A

prevent monopolies

Social 30-1 (6 decks)

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