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Booklet 6 Flashcards

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1
Q

bureaucracy

A

a system of government in which most of the important decisions are made by state officials rather than by elected representatives. A bureaucracy is a way of administratively organizing large numbers of people who need to work together.

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2
Q

business cycle

A

The business cycle is the fluctuation in economic activity that an economy experiences over a period of time. peak: high income, production and employment. recession: declining production, sales, and employment. depression: high unemployment, low profits, little production. recovery: expanding production, sales, and employment

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3
Q

capital

A

The money or other assets with which an entrepreneur stats a business; any mechanism used in the creation of wealth. Ex. a hammer for a carpenter opening a business.

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4
Q

capitalsit

A

a wealthy person who uses money to invest in trade and industry for profit in accordance with the principles of capitalism.

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5
Q

capitalism (lassiez-faire)

A

Laissez-faire capitalism. An economic system based on free markets, fair competition, wise consumers, and profit motivated producers; a minimum of government involvement is favoured.

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6
Q

cartel

A

an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition. ex. OPEC

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7
Q

central planning

A

a planned economy. the state or government makes economic decisions rather than the interaction between consumers and businesses. left

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8
Q

command economy

A

an economy in which production, investment, prices, and incomes are determined centrally by a government. left

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9
Q

conservative

A

holding to traditional attitudes and values and cautious about change or innovation, typically in relation to politics or religion.

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10
Q

consumer sovereignty

A

the situation in an economy where the desires and needs of consumers control the output of producers.

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11
Q

debt

A

something, typically money, that is owed or due.

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12
Q

deficit

A

a deficiency; an excess of liabilities or expenditures over income or assets in a given period. Deficit spending by a government is spending that is financed by borrowing and may occur in order to “kick-start” a stagnant economy. deficit financing was encouraged by keynes (gov spending more than it has through borrowing)

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13
Q

demand

A

the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item.

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14
Q

demand-side economics

A

Demand side economics is based on the belief that the main force affecting overall economic activity and causing short-term fluctuations is consumer demand for goods and services. Keynesian economics. left. recession is caused by decreased consumer spending. critisized for creating bureaucracy

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15
Q

duties

A

In economics, a duty is a kind of tax levied by a state. The term is often used to describe a tax on certain items purchased abroad.

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16
Q

equality

A

the state of being equal, especially in status, rights, and opportunities.

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17
Q

income tax

A

tax levied by a government directly on income, especially an annual tax on personal income.

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18
Q

indicative planning

A

a form of economic planning implemented by a state in an effort to solve the problem of imperfect information in market and mixed economies in order to increase economic performance. sweden

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19
Q

inflation

A

an increase in the general price level of products, the cost of labour, and interest rates.

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20
Q

invisible hand

A

The unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium automatically is the invisible hand. Description: The phrase invisible hand was introduced by Adam Smith in his book ‘The Wealth of Nations’.

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21
Q

inequality

A

lack of equality

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22
Q

factors of production

A

Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship.

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23
Q

fiscal policy

A

the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation’s economy. to stimulate economy gov will run a deficit by spending on public works and providing welfare. to slow economy gov will raise taxes and reduce spending

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24
Q

Five Year Plan

A

(especially in the former Soviet Union) a government plan for economic development over five years. The first such plan in the Soviet Union was inaugurated in 1928.

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25
free market
a market that operates with limited government intervention. In a free-market economy, questions regarding production and marketing of goods and services are decided through the free interaction of producers and consumers. right
26
Gosplan
The State Planning Committee, commonly known as Gosplan, was the agency responsible for central economic planning in the Soviet Union.
27
Great Depression
an economic crisis that began in late 1929 with the sock market crash and continued through the 1930s. During this period, banks failed, factories closed, many people became unemployed, and international trade declined. lead to more government involvement (modern liberalism/welfare capitalism)
28
John Maynard Keynes
a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. said that capitalism's problems were caused by extreme swings in the business cycle.
29
Keynesian Economics
increased government expenditures and lower taxes to stimulate demand and pull the global economy out of the depression. when people spend they create demand which encourages production. good times: gov will reduce spending, increase taxes, deficit, increase interest rates to control economic growth. during bad times gov will increase spending, reduce taxes, decrease interest rates (so people spend) to create economic recovery by consumer spending
30
lassiez-faire
Non-interference or non-intervention. Laissez-faire economics theory supports free markets and an individual's right to own private property. right
31
left-wing
Left-wing politics supports social equality and egalitarianism, often in opposition to social hierarchy and social inequality
32
lenin
a Russian communist revolutionary, politician and political theorist. He served as head of government of Soviet Russia from 1917 to 1924 and of the Soviet Union from 1922 to 1924. Under his administration, Russia and then the wider Soviet Union became a one-party communist state governed by the Russian Communist Party. Ideologically a Marxist, he developed political theories known as Leninism.
33
liberal
open to new behavior or opinions and willing to discard traditional values.
34
liberty
the state of being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views.
35
market economy
an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses. There is little government intervention or central planning.
36
Karl Marx
Karl Marx was a philosopher, economist, historian, political theorist, sociologist, journalist and revolutionary socialist. Based the ideas for communism
37
Marxism
the political and economic theories of Karl Marx and Friedrich Engels, later developed by their followers to form the basis for the theory and practice of communism. a radical form of socialism
38
minimum wage
the lowest wage permitted by law
39
mixed economies
an economic system based on free-market principles but with some government intervention, usually to regulate the industry, to moderate the boom-and-bust nature of the free-market business cycle, and to offer social welfare programs. In some mixed economic systems, the government owns some key industries (such as communications, utilities, or transportation). middle
40
moderate
make or become less extreme, intense, rigorous, or violent.
41
monetarism
the theory or practice of controlling the supply of money as the chief method of stabilizing the economy. decrease gov intervention. encourages people to borrow, lower interest rates when people are pessimistic. when optimistic, the bank will raise interest rate, discourage borrowing. overall goal is to keep inflation low. return to laissez-faire.
42
monetary policy
is the demand side economic policy used by the government to achieve objectives like inflation, consumption, growth and liquidity. when there is lots of money interest rates are low. to reduce amount of money available, the bank increases interest rates. this policy reduces borrowing, slows economic growth and stops inflation. keynes said this is less effective
43
nationalization
the transfer of a major branch of industry or commerce from private to state ownership or control.
44
neo-conservatism
an ideology that emerged in the United States during the 1950s and 1960s as a reaction against modern liberal principles. Some aspects of neo-conservatism challenge modern liberal principles and favour a return to particular values of classical liberalism. other neo-conservative ideas challenge both classical and modern liberal principles and favour values identified as "family values" and traditional values, often resting on a religious foundation
45
new deal
Economic policies put in place by US president Franklin D. Roosevelt in 1933. The policies gave government a more significant role in the regulation of the economy and in providing social "safety net" programs
46
new economic policy
allowed peasants to have possession over farms and decided what is produced and sold. an economic policy of Soviet Russia proposed by Vladimir Lenin, who described it as a progression towards "state capitalism" within the workers' state of the USSR.
47
OPEC
an intergovernmental organization oil demand supply market upstream downstream Vienna Austria. In response to American and Western Europe support for Israel during the 1960-70 Middle East conflicts, OPEC imposed a 5 month embargo (ban) on petroleum sales.
48
price control
a government regulation establishing a maximum price to be charged for specified goods and services, especially during periods of war or inflation.
49
planned economy
same as command economy. an economic system in which the government controls and regulates production, distribution, prices, etc. left
50
private enterprise
business or industry that is managed by independent companies or private individuals rather than by the state.
51
private property
Something that is owned by an individual, including real estate, other forms of physical possessions, and intellectual property. The right to the protection of private property is a central principle of liberalism and is seen as a natural extension of the concept of the worth of each individual.
52
privatization
the transfer of a business, industry, or service from public to private ownership and control.
53
public enterprise
a business organization wholly or partly owned by the state and controlled through a public authority
54
public property
anything (for example, land, buildings, or vehicles) not privately owned by individuals. Generally speaking, public property is owned by the state or the community, and managed according to the best interests of the community.
55
radical
extreme; revolutionary. A radical change in a political regime often rejects the political and economic traditions of the past
56
ronald reagon
an American politician and actor who served as the 40th President of the United States from 1981 to 1989.
57
reagonomics
the economic policies of the Ronald Reagan US presidency, which advocated less government intervention in the economy and pro-industry, anti-labor, anti-regulation, anti-environmental regulations policies. supply side economics, "trickle-down," less taxes
58
regulation
imposition of rules by government, backed by the use of penalties that are intended specifically to modify the economic behaviour of individuals and firms in the private sector.
59
right-wing
conservative or reactionary.
60
Franklin Roosevelt
was an American statesman and political leader who served as the 32nd President of the United States from 1933 until his death in 1945. Roosevelt directed the United States government during most of the Great Depression, implementing his New Deal domestic agenda in response to the worst economic crisis in U.S. history
61
scarcity
the state of being scarce or in short supply; shortage.
62
Adam Smith
Smith laid the foundations of classical free market economic theory. Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism,"
63
social-democracy
a political, social and economic ideology that supports economic and social interventions to promote social justice within the framework of a capitalist economy
64
social safety net
a collection of services provided by the state or other institutions such as friendly societies, including welfare, unemployment benefit, universal healthcare, homeless shelters, and sometimes subsidized services such as public transport, which prevent individuals from falling into poverty beyond a certain level.
65
social security
(in the US) a federal insurance program that provides benefits to retired people and those who are unemployed or disabled.
66
socialism
any ideology that contains the belief that resources should be controlled by the public for the benefit of everyone in society, and not by private interest for the benefit of private owners and investors
67
soviet union (USSR)
a former federal union of 15 constituent republics, in part of Europe and Asia, comprising the larger part of the former Russian Empire
68
stagflation
recession and high inflation occurring at the same time
69
stalin
Governing the Soviet Union as its dictator from the mid-1920s until his death in 1953. Ideologically a Marxist and a Leninist, Stalin helped to formalize these ideas as Marxism–Leninism while his own policies became known as Stalinism.
70
supply and demand
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
71
supply side economics
Supply-side economics is a macroeconomic theory that argues economic growth can be most effectively created by lowering taxes and decreasing regulation. reagonomics. right. recessions come because of too much gov. involvement. privatization. less taxes on bussinesses. less social programs. increases gap b/w rich and poor.
72
sweden
high income tax, most companies are privately owned, mix of high tech capitalism with extensive welfare benefits. indicative planning
73
tariffs
a tax or duty to be paid on a particular class of imports or exports. lots more after stock market crash to protect domestic economy
74
Margaret Thatcher
Prime Minister of the United Kingdom from 1979 to 1990
75
thatcherism
widescale privatization, reduced income and corporate taxes, individual initiative
76
trickle down economics
government economic policies that include reduced income and business taxes, reduced regulation (controls on business), and increased government spending on the military; also known as supply-side economics. Generally these policies favor industry, assuming that if industry prospers then everyone will prosper as wealth "trickles down" to the ordinary workers and consumers.
77
union
an organized association of workers formed to protect and further their rights and interests; a labor union.
78
wage control
wage and price controls function as a means of mobilizing resources
79
war communism
the economic and political system that existed in Soviet Russia during the Russian Civil War from 1918 to 1921
80
welfare
financial support given to people in need.
81
welfare state
a state in which the economy is capitalist, but the government uses policies that directly or indirectly modify the market forces in order to ensure economic stability and a basic standard of living for its citizens, usually through social programs. keynesian.
82
1970s energy crisis
a period when the major industrial countries of the world, faced substantial petroleum shortages, very high prices
83
theodore roosevelt
served as the 26th President of the United States from 1901 to 1909. progressive movement, welfare capitalism. square deal. "new" political party
84
the gilded age is associated with
robber barrons. an era of serious social problems masked by gold
85
sherman anti-trust act
more competition, opposed monopolies
86
hayak/friedman
neo-liberalism. opposed to modern liberalism. against welfare state. free market.
87
what wing (left or right) is interventionist and individualist?
interventionist is left and individualist is right
88
muckraker
american journalist who attacked leaders as corrupt
89
monopoly
the exclusive possession or control of the supply or trade in a commodity or service. called trusts.
90
roaring 20's
lost of consumerism and prosperity. income disparity
91
fiscal vs. monetary
fiscal: deals with government spending and taxes monetary: deals with government regulation of the supply of money to influence economy
92
reagonomics/thatcherism aka...
neo-liberalism
93
third way
tony blair, britain, some free market policies with social programs, spending on health care and education, introduced minimum wage and tuition fees

Social 30-1 (8 decks)

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