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ECON > midterm > Flashcards

midterm Flashcards

(56 cards)

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1
Q

the most important increase in labor increased in which sector

A

agriculture

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2
Q

why did the agricultural revolution happen before the industrial revolution/lead to it

A

labor source for farmers

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3
Q

technical changes over past 5 centuries occurred why

A

increase in consumption standards

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4
Q

what is more uneven, distribution of wealth or income

A

wealth

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5
Q

why is the population expanding?

A

society is moving towards a profit-oriented existence

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6
Q

what % of population is in food production

A

5%

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7
Q

why is Canada and US the highest CO2 emission producers

A

most industrialized, less restricted

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8
Q

1500s roles of government

A

authority appointed by God’s will/hereditary/brute force, tax collection non-existent/ineffective, compulsory schooling and police not common, all land owned by lord-serfs paid rent

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9
Q

1700s rules of government

A

American % French resolutions challenged hereditary rules, set path for democracy and government responsibility, increased invasions of privacy

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10
Q

what are the negatives of globalization

A

can make industries/jobs obsolete, economy if global while the government is still national

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11
Q

how can globalization make industries and jobs obsolete for Canadian citizens

A

immigrants working for smaller wages, workers in other countries work for smaller wages - clothing, call centers

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12
Q

economy is global while the government is national/local - how is this negativ?

A

the local government is dependent on other countries’ governments, can’t always rely on other economies being sustained, producing job insecurities

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13
Q

describe homo economicus man

A

completely calculated, everything for profit and personal growth

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14
Q

what is wrong with homo economicus assumption

A

individual selfishness can still service public good, lots of acts are still motivated by concern for others, people change

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15
Q

the key to whether an act is self-interest is

A

the person’s motivation

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16
Q

the key to a well-ruled society is

A

find a way to harness selfish motives to benefit society

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17
Q

5 key points to understanding diverse human behavior

A
  • human nature
  • varying motives
  • human nature-cultural differences
  • upbringing (family, school, religion, workplace), -cooperation as social animals
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18
Q

understanding behavior

A
  • constraints
  • preferences (values you place on outcomes of actions)
  • beliefs (understanding of the actions necessary to bring the outcome
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19
Q

varying motives

A
  • selfishness
  • generosity towards strangers
  • willingness to reward those who treat us well, desire to punish the bad - even if against personal gain
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20
Q

human nature - cultural differences

A

economy produces and distributes people with different cultures - shapes their world view

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21
Q

factors which influence upbringing

A

family, schools, neighborhoods, religion, workplace - all influence our desires, values and beliefs

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22
Q

cooperation as social animals

A

humans are unique because they’re a cooperative species,
cooperative people prospered in history,
0ther-regarding motivation - stronger force for organizations than money or self

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23
Q

economy produces people (reproduction/production)

Study These Flashcards
A

happiness in the family, work, school - form a person - results in how people make their living (production)

24
Q

economics is the study of

25
what was the study of political economy until 20th century
all economics - encompassed all social sciences
26
define an economic system
a set of relationships among people that organizes the labor societies which all economies need in order to sustain life
27
3 dimensions of economic life
competition, command, change
28
competition
- exchange is the most important part - everything has a price - horizontal dimension - equality in power among capitalists - cannot dictate each other or customers
29
command
- vertical dimension - central - necessarily involves groups who are unequal - dominant/subordinate relationships - money& power = influence - economic relationships involve choice and command - neither operating exclusively
30
change
- time dimension - operation of economic system changes the system itself - changes - new machines, expanding production, new products - why economies must study history - distinguishes political economies from neoclassical
31
neo classical economies
- homo economicus - complete markets - no economies of scale - no externalities, information asymmetry
32
economies are judged by how they meet which criteria (values of political economy)
efficiency, fairness, democracy
33
vertical interdependence
when one person controls labor and products of another - based on relationship of unequal advantage and command - to analyze, all human production must involve at least one labor process
34
horizontal interdependence
based on specialization not necessarily based on unequal advantage and command
35
economy is a collection of...
labor processes
36
2 sectors of economy
production and reproduction
37
class society
based on economic system where producers have little to no control over use of surplus product
38
what determines class
the labor process
39
property rights
determines who can/cannot use something, benefit from it, determine its purpose, its improvement
40
feudalist economic system
- surfs turned over most of their outputs to the lords - owed rents, labor duties - the lord owned what was produced on his land
41
3 characteristics that define capitalism
labor processes in production capital goods in production are privately owned labor is purchased in labor markets
42
1% of households owns how much stock
35%
43
9% of households owns how much stock
45.8%
44
90 % of households owns how much stock
19.2%
45
what is the first and second defining feature of capitalism
commodity and privately owned capital goods
46
what does commodity production require
markets
47
2 features of capitalism
anonymous - therefore undermines descrimination
48
corporate personhood
used to secure legal decisions with saying that a business had the rights of a person
49
how did corporate personhood affect economy
- struck down laws requiring corporations to open their books under charter - on grounds that a person had the right to privacy - used the right that people were protected against discrimination, equal protection under law - right to buy stock in another corporation
50
what is an LLC
- made people not legally responsible for the debts of a corporation - investor can only lose the money they investeded
51
3 points of democratic government for general welfare
- rules/policies decided by and subject to all (rights and obligations to gov. programs like social security and medicare) - 2 aspects (collective and compulsory nature of decisions) - voluntary decisions (to buy/sell and to hire/fire/accept job)
52
2 reasons to prevent fraud
- businesses/customers more likely to spend money freely if they're sure they'll be compensated if product is defective - firms are free to hire whenever - "everyone is on their own"
53
examples of how government spending can have negative effects
- gilded age - extreme inequality driven by huge gov. generosity towards railroads, absence of inheritance and income tax - lobbied bribes that persuaded legislators to act in favor of capitalists
54
examples of how laws/programs impose costs on some and not others
carbon tax, capitalists gain more than workers when inheritance tax is reduced - wealthy gain when PIT/CGT (taxes on buying things cheap and selling dear) is reduced - workers benefit from increasing minimum wage, smaller interest, overtime
55
how do capitalists shift rules governing economy
they shift rules governing the democratic process
56
to avoid shifting the rules of democratic process
requires active democratic process and vigilant public

ECON (6 decks)

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