Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Social 10-1 > Economics---Chapter 9 > Flashcards

Economics---Chapter 9 Flashcards

(60 cards)

Start Studying
1
Q

What are economics?

A

it is all about how the world chooses to use it’s money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are politics?

A

it is all about how governments make their decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are some examples of politics?

A
  • divided into branches
  • international relations
  • laws
  • education and health care
  • national defense
  • ECONOMICS
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are some examples of economics?

A
  • trade
  • resource management
  • taxes
  • tariffs
  • pensions
  • interest rates
  • currency
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the 6 most common political systems?

A
  • Democracy
  • Republic
  • Absolute Monarchy
  • Constitutional Monarchy
  • Dictatorship
  • Communist (also and economic system)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Democracy?

A

Leaders are elected by the people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Republic?

A

Not a monarchy. May or may not be democratic.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Absolute Monarchy?

A

A King or Queen has all the power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Constitutional Monarchy?

A

Democracy or republic with a King or Queen as a figure head

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Dictatorship?

A

One person is in charge with no say from the people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Communist?

A

All people are “equal”, but controlled by one large political party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is this word?

Someone who buys something

A

Consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is this word?

How much of a product or service is available for consumers

A

Supply

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is this word?

How much desire there is for a product or service

A

Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is this word?

How much money is made

A

Profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is this word?

The work required to produce a product or provide a service

A

Labour

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is this word?

The raw materials needed to produce a product

A

Resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is this word?

Where you are trying to sell your goods and services

A

Market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is this word?

When 2 or more companies are trying to dominate the market for a product or service

A

Competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is this word?

When there is a high demand and a low supply

A

Scarcity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is this word?

When there is a high supply and a low demand

A

Surplus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is an ENTRPRENEUR?

A

Someone who looks for available profit and starts their own business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is this word?

When one business controls the entire market for a service

A

Monopoly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is this word?

Where people can buy shares of different companies

A

Stock Market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What is this word? | Owning a small portion of a company
Shares
26
What is this word? | Taxes charged on goods being traded internationally
Tariffs
27
What are the 2 main economic concepts that are largely affected by globalization?
1) Trade | 2) The stock market
28
Economic Globalization
The idea that the development of global trade, transportation and communication systems was motivated by economic factors
29
Which 7 factors affect the global economy?
- War - Natural disasters - Changes in investor confidence - Famine - Economic uncertainty - Government economic decisions and policies - Energy and resource prices
30
Which 7 ways did WW1 affect the global economy?
1. Death troll 2. Destruction 3. Decline in manufacturing 4. Reparation Payments 5. Debt 6. Pension payments 7. Birth of communism
31
What happened on black Tuesday?
On the New York stock exchange, share prices started going down---resulting in a crash
32
What happened with world trade
Many countries put up trade barriers in order to protect their own industries---world trade declined---resulting in a loss of jobs
33
How did the great depression affect Canada
- Canadian exports fell by 50% - 27% of Canadian were out of work ( salaries of those who still had jobs were cut) - Prices of grains fell in the Prairies - Drought formed from 1928 - 1937
34
Capitalism may also be referred to as
a Free Market
35
Capitalism
no government regulations in the economy
36
What are some examples of capitalism
Toilet paper is running out and there is a high demand for more, and an entrepreneur could create a company to supply the people with more.
37
Capitalism can result in
competition or if there is no competition then a company has a monopoly of the market, which means they have all the control and can charge whatever they want because no one can offer a lower and better price.
38
In capitalist countries, people don't pay high taxes but...
they do not receive a lot of government services so they must take care of their own health care and education expenses etc.
39
Who was the dude that was an influential economist who supported Capitalism
Milton Friedman
40
Positives to Capitalism...
- You decide everything for yourself - Pay less taxes - Hard work is rewarded - More freedom...
41
Negatives to Capitalism...
- Physical or mental disability might make work impossible - Cycle of debt...cant afford services which leads to more debt - No social services such as, health care, education, pensions etc - No social mobility
42
Who was the dude that is an economist who was credited with pushing for more government regulations in the economy
John Maynard Keynes
43
Who was the dude who opposed Keynes and had similar thoughts of Friedman
Friedrich Hayak
44
The conference that was held in Bretton Woods was to...
discuss how these countries were going to avoid another economic depression and world war
45
What were the two organizations that came out of the Bretton Woods conference
1. World bank | 2. International monetary fund
46
What does GATT stand for
General Agreement on Trade and Tariffs | main goal was to make trade freer by reducing tariffs and trade barriers
47
What are the 4 common economic systems
- Capitalism - Mixed Economy - Socialism - Communism
48
What is a mixed economy
- Allows people to start companies but has more rules - The government has more control over things such as health care and social services - Citizens have to pay more taxes
49
Positives in a Mixed economy
- Equal health care and education - More social mobility - Less affected by economic swings
50
Negatives in a Mixed economy
- Higher taxes - Less motivation - Less wealthy people
51
What is Socialism
- A lot of Government regulations - Pay wayyy more taxes - Lots of free services such as health care, education, university, day care etc. - Less risk of global market --- affects economic systems
52
Positives in Socialism
- Lots of free social services - Less stress - Less homeless peoples - More equality - Everyone's taken care of
53
Negatives in Socialism
- HIGH TAXES - The rich leave (They would have to pay more taxes depending on the higher amount of money they make) - Very LOW MOTIVATION
54
What is Communism
Struggle between workers and owners--competition---Karl Marx thought they should be more equal
55
Positives in Communism
- Equality - No homeless peoples - Free services such as health care, education, food, housing etc.
56
Negatives in Communism
- No freedom - No profit motive - No motivation - Countries become dictatorships
57
When something is PUBLIC it means that the...
government owns it or has control over it
58
When something is PRIVATE it means that an...
individual owns is or has control over it
59
Public =
Everyone shares everything
60
Private =
Individuals own everything

Social 10-1 (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions