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Economics > Chapter 10- and Test 5 > Flashcards

Chapter 10- and Test 5 Flashcards

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1
Q

Two main purposes of government

A

Punish evil and reward good

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2
Q

An stablished system of political administration by which a nation, state, society, or organizations is ruled

A

Government

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3
Q

An economic system based upon collective ownership and control of national resources

A

Socialism

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4
Q

Governmental practices which have harmed economic systems over centuries

A
  1. Excessive taxation
  2. Inflation and debasement of money

3.Excessive public expenditure

4.Excessive regulation and direction of the economy

  1. Political plundering of the economy
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5
Q

Large, complex organizations made up of appointed officials and their numerous agencies and departments

A

Bureaucracies

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6
Q

Roosevelt’s program that people viewed as a financial saviour during the Great Depression

A

New Deal

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7
Q

Founder of the Keynesian school of economics that said that we should spend all of debt

A

John Maynard Keynes

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8
Q

Philosophy based on the belief that a society’s economic problems can be better solved by “expert planners” than by the natural, automatic corrections made by free market

A

Keynesianism

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9
Q

The lion of Washington

A

Davy Crockett

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10
Q

How does the economists call the recurrent fluctuations in the level of economic activity

A

Business cycle

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11
Q

The four main components of a business cycle

A

Expansion, peak, recession, and trough

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12
Q

Part of the business cycle that shows industries increase the amount of goods they produce

A

Expansion (boom)

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13
Q

What does the expansion cause on a business cycle?

A

Gross domestic product, GDP rise

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14
Q

The value of all finished goods and services produced within a country during a year’s time

A

Gross Domestic Product, GDP

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15
Q

The value of all finished goods and services produced by a nation’s citizens during a year’s time

A

Gross National Product, GNP

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16
Q

The highest point of a business cycle, where activity is at its highest

A

Peak

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17
Q

A period of economic decline

A

Recession

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18
Q

Recession that is unusually severe and long-lasting

A

Depression

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19
Q

The lowest point in a business cycle is called…

A

Trough

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20
Q

Components of the economy that normally change before the rest of the economy

A

Leading indicators

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21
Q

The two types of inflation

A

Demand-pull inflation

Cost-push inflation

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22
Q

Inflation that is caused when the demand becomes greater than the supply resulting in shortages

A

Demand-pull inflation

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23
Q

Inflation triggered when businesses face rising production costs, forcing them to increase the prices they charge for their goods

A

Cost-push inflation

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24
Q

The most common tool of measurement in the growth of inflation in the U.S.

A

Consumer Price Index, CPI

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25
Period that serves as a reference point to which prices are compared in the Consumer Price Index
Base period
26
Economic condition in which high inflation is combined with high unemployment
Stagflation
27
The theory that reduction of taxes makes more money available for private investment in capital and research, thereby increasing productivity.
Supply-side economics
28
Outlines a spending plan and ensures that a person can pay for the things he needs
Budget
29
Steps for creating a budget
1. Know your net income 2. Set aside money for the Lord's work 3. Set aside money for savings 4. Determine living expenses for each month
30
Income equals expenses
Balanced budget
31
The promotion of one's own nation and government regardless of moral considerations
Nationalism
32
Economic system based upon public ownership and governmental control of the production and distribution of nearly all national resources
Communism
33
Father of Communism
Karl Marx
34
Who wrote The Communist Manifesto?
Karl Marx
35
Formulated the basic ideas of communism and advocated the overthrow of the free market
Karl Marx
36
"In order to establish equality, we must first establish inequality"
Das Capital
37
Property owners
Bourgeois
38
Common working class
Proletariat
39
The secret police who intimidated people into telling secrets and informing on their own friends and families
Stasi
40
People who purposely wrecked machinery
Saboteurs
41
Any economic system based upon collective ownership and control of many or most national resources.
Socialism
42
Names given by economists to the different socialistic economic systems
Welfare capitalism Managed capitalism Democratic socialism Market socialism
43
In what year was gold discovered in california?
1848
44
Was the gold worth more on the west coast or the east cost?
East cost
45
Individual who takes justice by his own hands
Vigilante
46
Which sector was the most decision maker?
Private sector
47
The governments role placed on an economy would be micro or macro?
Macro
48
President during the Louisiana purchase
Thomas Jefferson
49
Year of the Louisiana purchase
1803
50
Published thoughts on scarcity
Edmund Burke
51
President who popularise the idea of supply-side economics
Ronald Reagan
52
Years for the CPI base period
1982-1984
53
Which president talked about "the great society"?
Lyndon B. Johnson
54
Year for the Bolshevik revolution
1917
55
The Bolshevik revolution was laid by what man?
Vladimir Lenin
56
The Bolshevik revolution opened the door for what type of economic system?
Communism
57
Dictator who came after Lenin
Joseph Stalin
58
What did Karl Marx called "a necessary evil"?
Capitalism
59
Who said "To each according to his abilities, to each according to his needs"
Karl Marx
60
Which Berlin was under communist control?
East
61
Ilegal system by which investors give money to other investors
Ponzi scheme
62
Taxes payed directly to the government
Direct taxes
63
Example of indirect tax
Sales tax
64
Type of tax that targets the wealthy
Progressive tax
65
Type of tax that targets the poor
Regresive tax
66
Type of tax that is flat across the board
Flat tax
67
Tax that is used to fund both, social security and medicare programs is called what?
FICA tax
68
Federal insurance program that help people with medical expenses
Medicare
69
Total amount owe is called what?
National Debt
70
Types of businesses
1. Sole proprietorship 2. Partnership 3.Limited liability corporation 4.S corporation 5.C corporation
71
Legal corporation own by shareholders
Corporation
72
Communist governments forbid what in an effort to control distribution
Competition
73
First two thing to set money aside for
Tithe and savings
74
Before you set your budget, what do you need to know first?
Your income
75
Which type of income do you have to know before you plan your budget?
Net income
76
A person can designate a what? to determine how the state is to be divided among people or organizations
Will
77
Document that directs health care professionals what to do if a person is medical incapacitated
Living will
78
Gives someone else the capacity to make decisions for the individual if he is not capable of making decisions by himself
Healthcare power of attorney
79
Gives someone else the capacity to make financial decisions and take control of his finances if the individual is not capable of making decisions by himself
Financial power of attorney
80
Why is socialism is more dangerous than communism?
Because it is deceptive
81
Harmful effects of excessive taxation
pg. 169

Economics (10 decks)

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