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Social Studies 30-1 > Unit 2 Vocab > Flashcards

Unit 2 Vocab Flashcards

(67 cards)

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1
Q

What does the term “Laissez-faire mean?

A

Leave people to do as they please

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2
Q

Who was the first philosopher to come up with a definition for free market economy?

A

Adam smith

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3
Q

Which philosopher was classified as the “communist manifesto”?

A

German philosopher Karl Marx

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4
Q

What did Karl Marx Communist Manifesto theory encompass?

A

According to Karl Marx’s The Communist Manifesto (1848), “the theory of the Communists may be summed up in the single sentence: Abolition of private property.” Marx and thinkers like him argued that only workers should profit from their own labour, not employers or the owners of the companies. It has been argued that not only is this arrangement fairer for the workers, but it also provides a source of motivation.

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5
Q

What was Industrial Revolution characterized by?

A

Classical liberalism and Capitalism

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6
Q

What place did the Industrial Revolution take place?

A

Great Britain 19th and 18th century

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7
Q

What does capital mean?

A

Money

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8
Q

What is the term called when an individual doesn’t support capitalism?

A

Communism

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9
Q

Which system did capitalism replace?

A

Mercantilism

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10
Q

Who was considered to be the founding father of modern capitalism?

A

Adam smith

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11
Q

Who came up with the exploitation system during the Industrial Revolution?

A

Karl Marx - communist ideals on capitalist society

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12
Q

What does Competition mean?

A

The idea that the greater the competition the more likely companies will be efficient and prices will be low.

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13
Q

What are three other terms that also mean a free market economy?

A

Free enterprise, private enterprise, capitalism

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14
Q

What is the focus of a planned economy?

A

The government runs this economy in order to promote the goals of equality.

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15
Q

What does “invisible hand” mean?

A

The understanding that through the forces of supply and demand, the economy will run itself, without needed government intervention.

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16
Q

What are the six key characteristics of a classical liberal economy?

A

• Self-reliance
• Private property
• Profit motive
• Price system
• Competition
• inequality

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17
Q

What type of economy is characterized by competition as one of its main features?

A

A Free Market economy

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18
Q

What type of economy is characterized by private ownership as one of its main features?

A

A Free Market economy

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19
Q

What type of economy is characterized by supply and demand as one of its main features?

A

A Free Market economy

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20
Q

What type of economy is characterized by individualism as one of its main features?

A

A Free Market economy

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21
Q

What type of economy is characterized by no government intervention as one of its main features?

A

A Free Market economy

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22
Q

What type of economy is characterized by profit motive(incentive) as one of its main features?

A

A Free Market economy

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23
Q

Which philosopher was a strong advocate of classical liberalism?

A

Adam smith

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24
Q

What was classical liberalism a response to during the 18th and 19th century?

A

Industrial revolution

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25
Classical Liberlism was a 19th century ideology that embraced the values of?
Individualism
26
What does democracy mean?
Individuals have the right to vote and express their collective rights and freedoms
27
What are the 4 phases of the business cycle?
1. Recession 2. Boom - property 3. Bust - depression 4. Recovery
28
When supply and demand are equal, what is the term?
equilibrium
29
What is the driving force behind the market system?
Supply and demand
30
What is the difference between production cost and the selling price?
The profit margin
31
Private_______________ is a key component of the market system.
Ownership
32
Interested in creating equality of opportunity for all individuals - What type of liberalism?
Modern liberalism
33
Freedom and rights favour the individual, with more individuals in society receiving right - what type of liberalism?
Modern liberalism
34
Which ideology would modern liberalism be in a favour of?
Collectivism
35
What kind of invention would a planned economy want more of?
The government
36
Another word for a planned economy would be?
Communism, socialism, or public enterprise
37
The main idea behind capitalism is that A. governments have no role in the economy of a nation B. if people are free to invent, produce, and compete for the sales of products, the result will be better and cheaper goods, increased investment, and more money for workers C. in invisible hand takes from the rich and gives to the poor, resulting in greater common good and a higher standard of living for all D. people have a fundamental human right to own land, labour, and capital
B
38
A socialist is most likely to criticize the ownership of private property when it leads to A. economic inequality B. economic freedom C. economic instability D. economic development
The answer would be A Economic inequality ties to collectivist principles Socialism advocates for a system where the means of production and distribution of goods and services are owned and controlled by the state or the community as a whole, rather than by private individuals or corporations.
39
What is another name for Keynes's economic theory?
Demand-side economics or Keynesian economics
40
which president followed in Keynes's footsteps in ensuring a market economy after the industrial revolution?
Franklin D. Roosevelt
41
What does Universal Suffrage mean?
Right to vote
42
What is Marxism a radical form of?
socialism
43
What was the Welfare state spurred by?
The Great Depression
44
Who was the President that went against the principles of Keynesian economics?
Ronald Reagan - (reagonomics)
45
What does stagflation mean?
When there is no economic growth in the economy and inflation prices have increased.
46
What event would be an example of stagflation?
The Great Depression
47
What caused the Great Depression?
Stock Market Crash - borrowed money
48
What wing on the economic spectrum would Marxists be?
Extreme Left
49
Why is Sweden known as a democratic socialist state?
Its a democracy, but it also has a high level of government intervention in order to create a more collectivist society
50
Which country is known as a democratic socialist economy?
Sweden
51
Which economic system matches this statement?: Gov’t regulation that creates demand for goods and services by creating jobs/social programs.
Demand-Side Economics
52
Which policy matches this statement?: Gov’t spends more (or less), or adjusts taxes to help regulate the economy
Fiscal policy
53
What economy combines government control and private ownership?
Mixed economy
54
What side on the economic spectrum would mixed economy be?
In the middle
55
What does command economy mean?
Gov't controls all aspect of the economy
56
What was Franklin Roosevelt's New Deal?
Program of government intervention to get the US out of the Great Depression ( e.g. creating jobs that would be paid for by government )
57
Which economic system incorporates fiscal and monetary policies?
Demand-Side economics Keynes
58
What type of economy did John Maynard Keynes strive towards?
Mixed economy
59
What is the name of the company owned by Canada's government that provides products and services to Canadians?
Crown cooperations
60
The use of government spending and taxation to influence the economy.
Fiscal policy
61
supply of money through changes of interest rates
Monetary policy
62
Which economic theory advocated for increased consumer demand?
Keyneseconomics
63
Which economic theory favored government intervention as a means to increase employment?
Keyneseconomics
64
Which president created the concept of progressivism to advocate a new type of liberalism?
Theodore Rosevelt
65
How much government intervention did regan want?
less, as he belived the economy would gain sucess of limted intervention of the governemtn
66
How much government intervention did regan want?
less, as he belived the economy would gain success of limited intervention of the government(Supply-side-economics)
67
How much government intervention did keynes want?
more, fiscal policy - using government spending and taxation to improve the overall wellbeing of the economy. Keynes economics increased consumer demand, employment, and get the economy running to its full potential.

Social Studies 30-1 (3 decks)

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