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Partiels 2024 > US Economy > Flashcards

US Economy Flashcards

1
Q

Mixed economy

A

Free market + government interventions

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2
Q

Federal Reserve System

A

1913
Central bank

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3
Q

Herbert Hoover

A

1929-1933
Republican

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4
Q

Protectionism

A

Restrict international trades

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5
Q

The Great Depression

A

1929-1939

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6
Q

Franklin D. Roosevelt

A

1933-1945
Democrat

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7
Q

Banking Act / Glass-Steagall Act

A

1933
Separate commercial banks from investments banks

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8
Q

National Labor Relations Act (Wagner Act)

A

1935
Relations between unions and employers

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9
Q

Social Security Act

A

1935
Social security system for unemployment, eldery and disabled

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10
Q

Welfare state

A

Provides basic economic security for its citizens

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11
Q

War-time economy

A

Creation of jobs
Women and minorities enter the workforce

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12
Q

Bretton Woods Agreement

A

Foundation for global economic stability

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13
Q

Truman doctrine

A

Provides support to countries resisting communism

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14
Q

Keynesianism

A

Tax and spend

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15
Q

John Maynard Keynes

A

British economist

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16
Q

American way of life

A

Belonging to the middle class

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17
Q

John F. Kennedy

A

1961-1963
Government-driven economic growth

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18
Q

Lyndon B. Johnson

A

1963-1969
Great Society

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19
Q

Great Society / liberalism of the 60s

A

Eliminate poverty and promote social and racial justice
Medicare, Medicaid, War on Poverty

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20
Q

War on Poverty

A

Investments in education and health

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21
Q

Medicaid

A

Healthcare for low-income Americans

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22
Q

Medicare

A

Healthcare for 65+ yo Americans

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23
Q

Richard Nixon

A

1969-1974

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24
Q

Nixon Shock

A

1971
Ended the Bretton Woods system

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25
Q

Stagflation

A

Economic stagnation + inflation

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26
Q

Ronald Reagan

A

1981-1989
Neoliberalism

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27
Q

Supply-side economics

A

Economic growth by lower taxes, decreased regulation and free trade

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28
Q

Deregulation

A

Reducing government rules and restrictions on business

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29
Q

Bill Clinton

A

1993-2001
New Democrats

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30
Q

Third Way / New Democrats

A

Neoliberalism + classical liberalism

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31
Q

Neoliberalism

A

Free market, deregulation, minimal state intervention

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32
Q

North American Free Trade Agreement (NAFTA)

A

1994
Free trade between US, Mexico and Canada

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33
Q

George W. Bush

A

2001-2009
Republican

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34
Q

Great Recession

A

Widespread bankruptcies

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35
Q

Barack Obama

A

2009-2017

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36
Q

Patient Protection and Affordable Care Act

A

Obamacare
2010
Expand healthcare access

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37
Q

Labor force

A

Individuals who are employed or actively seeking work

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38
Q

Labor force participation rate

A

Proportion of working-age population (16+) that is working or looking for work

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39
Q

Unemployment rate

A

Proportion of labor force without a job but actively seeking one

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40
Q

Service-providing industries

A

Tertiary economy

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41
Q

Goods-providing industries

A

Secondary economy

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42
Q

Rust Belt

A

Ex-Manufacturing Belt

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43
Q

Self-employment

A

Workers who operate independently

44
Q

Corporation

A

Business separated from its owners

45
Q

Labor union

A

Formed by workers to advocate improved wages, working conditions and benefits

46
Q

Collective bargaining

A

Negociation process to balance power between employees and employers

47
Q

Taft-Hartley Act

A

1947
Limiting certain union activities

48
Q

Right-to-work laws

A

Employees can work without being required to join a union

49
Q

Labor income

A

Received from employment (wages/salaries)

50
Q

Capital income

A

Assets and investments

51
Q

Transfer payment

A

Financial support from the government to redistribute wealth and reduce poverty and inequalities

52
Q

Consumerism

A

Well-being depends on increasing consumption

53
Q

Conspicuous consumption

A

Buying luxury items to show off wealth

54
Q

Keeping up with the Joneses

A

Pressure to match or surpass neighbors’ possessions

55
Q

Suburbanization

A

Suburbs expanding

56
Q

Planned obsolescence

A

Products designed with limited lifespan to ensure repeated purchases

57
Q

Fast fashion

A

Cheap, trendy clothing that quickly goes out of style

58
Q

Market segmentation

A

Dividing consumers into smaller groups based on demographics to target advertising

59
Q

Product placement

A

Putting products in media to subtly promote them

60
Q

Credit card

A

Allows people to spend beyond their means, boosting consumption

61
Q

Greenwashing

A

Misleading eco-friendly claims to confuse consumers

62
Q

Debt trap

A

The person accumulated too much debt and they cannot pay back

63
Q

Economic functions of government

A
  • Providing legal and monetary framework
  • Regulating commerce and maintaining competition
  • Providing goods and services
  • Redistribute wealth
  • Correcting for externalities
  • Stabilizing the economy
64
Q

Private property

A

Exclusive control of assets by individuals or non-governmental entities

65
Q

Trade tariffs

A

Taxes on imported goods to make foreign products more expensive

66
Q

Free trade

A

Promotes the exchange of goods across borders

67
Q

Antitrust legislation

A

Prevent monopolies and anti-competitive practicies

68
Q

Public goods and services

A

Government’s involvement through tax-funded goods and services, combining public and private sectors

69
Q

Income taxes

A

Taxes increase with income

70
Q

Payroll taxes

A

Taxes deducted from wages (funds Medicare and Social Security)

71
Q

Progressive tax system

A

Income taxed in brackets, each with a different rate

72
Q

Externalities

A

Unintended side effects of an economic activity that indirectly affects people (positive or negative)

73
Q

Regulation

A

Rules or laws that restrict certain behaviour to protect public welfare

74
Q

Subsidies

A

Financial support from the government to lower the cost of social goods and services

75
Q

Fiscal policy

A

The government use of taxation and spending to influence economic activity

76
Q

Monetary policy

A

Managment of money supply and interest rates

77
Q

Bailouts

A

Government provides fund to failing business in time of crisis to avoid bankruptcy

78
Q

Importation

A

Bringing goods and services into the country

79
Q

Exportation

A

Selling domestically high value products to other countries

80
Q

Trade balance

A

Difference between a country’s exports and imports

81
Q

Global supply chains

A

Specialization of production stages across countries

82
Q

Multinational corporation (MNCs)

A

Companies operating across borders for production, marketing and sales

83
Q

Globalization

A

Interdependence of countries

84
Q

Trade liberalization

A

Process of reducing or removing barriers to international trade

85
Q

Financial deregulation

A

Loosening banking security rules to globalize financial markets

86
Q

Silicon Valley

A

Global center of technological innovation

87
Q

Washington Consensus

A

80s
Set of economic policies which influenced US globalization strategies

88
Q

Neoliberal globalization

A

Neoliberal apporach to globalization

89
Q

Alter-globalization movement

A

Late 20s
Advocate a fairer, more sustainable form of globalization

90
Q

Subprime mortgage crisis of 2007-2008

A

Most severe financial crisis since the Great Depression

91
Q

Mortgage loan

A

Secured loan for real estate purchases (buying a house)

92
Q

Mortgage-backed securities

A

Investors returns from homeowner payments

93
Q

Savings and loan crisis

A

Banks engaged in risky investments

94
Q

Financial bubble

A

When the price of a good is abnormally high compared to its real worth

95
Q

Subprime mortgage loan

A

Issued to borrowers with lower credit ratings. Carried a higher interest rate that can increase over time

96
Q

Emergency Economic Stabilization Act of 2008

A

Created federal programs to “bail out” failing financial institutions and banks

97
Q

Solidarity economy

A

Prioritize shared ownership and social justice

98
Q

Community wealth building

A

People-centered approach to local economic development

99
Q

Elinor Ostrom

A

American political economist who created the common movement

100
Q

Common movement

A

Collective governance

101
Q

Worker cooperative

A

Buisiness owned and managed by employees

102
Q

Consumer cooperative

A

Owned by the consumers themselves

103
Q

Fair trade

A

Equitable trade by guarenteeing fair wages and fair practices for producers

104
Q

Local currencies

A

Alternative monetary system used within specific regions to support local economics

105
Q

Credit unions

A

Member-owned cooperative that prioritize lending for community benefit over profit maximization

106
Q

Public banking

A

Financial institutions owned by the government

Partiels 2024 (5 decks)

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