Unit 3

Question 1

For long-term prosperity and to satisfy the people’s needs/wants. Includes distribution of goods and consumption.

Answer 1

Economic System

Question 2

Your property belongs to you, what you do to it is up to you.

Answer 2

Private Property

Question 3

A property that belongs to the government, you do not have all the freedom to do anything you want with it.

Answer 3

Public Property

Question 4

A system that benefits the king. “Government (king) regulates all of the trade.

Answer 4

Mercantilism

Question 5

People are guided by their individual decisions which, when allowed, will ultimately benefit all.

Answer 5

Invisible Hand

Question 6

The amount of certain products/services available.

Answer 6

Supply

Question 7

What people would most likely want and buy.

Answer 7

Demand

Question 8

Motivator of free-market economy. The money earned.

Answer 8

Profit

Question 9

Rural area (farming) —–> Cities (Factories)

Answer 9

Urbanization

Question 10

Theodore Roosevelt coined this phrase to signify that both labour and capital must be treated fairly. (The Meat Inspection Act (1906) and Food and Drug Act (1906).)

Answer 10

Square Deal

Question 11

American’s massive economical boom by adapting Industrial Revolution from Great Britain.

Answer 11

Gilded Age

Question 12

Started as people’s responses to poor standard of living during that time period.

Answer 12

Progressivism

Question 13

You can do whatever you want unless it harms others. (John Stuart Mill)

Answer 13

Harm Principle

Question 14

Left leaning ideology, poverty is the key problem. The rich should provide for the poor.

Answer 14

Socialism

Question 15

Utopian socialist who was a factory owner but felt that he has a responsibility for his workers.

Answer 15

Robert Owen (1771- 1858)

Question 16

French philosopher who is the founder of utopian socialism. Credited with the word Feminism. Characterized poverty as the principal cause of disorder in society.

Answer 16

Charles Fourier ( (1772- 1837)

Question 17

People who try to end the social problems caused by Industrial Revolution (ex. poverty, poor working conditions) and also advocated a perfect society.

Answer 17

Utopian Socialists

Question 18

The working class (based on Marxist ideology).

Answer 18

Proletariat

Question 19

The (factory) owners that exploit the people with money (based on Marxist Ideology).

Answer 19

Bourgeoisie

Question 20

Government controls the economy (no competition or free-market).

Answer 20

Command Economy

Question 21

Everyone is neither poor or rich, everyone is equal.

Answer 21

Classless Society

Question 22

Dramatic economic and cultural growth in USA after WWI. Almost everyone was rich.

Answer 22

Roaring Twenties

Question 23

Production of consumer products. More for people to buy (not really needed to survive).

Answer 23

Consummerism

Question 24

Tied to classical liberalism, the welfare of people is taken care by capitalist (business owners, rich people).

Answer 24

Welfare Capitalism

Question 25

Things like supply & demand greatly affect how the economy runs.

Answer 25

Market Forces

Question 26

The value of money is less and requires more.

Answer 26

Inflation

Question 27

When economy is not doing very well.

Answer 27

Recession

Question 28

A long-lasting economical crisis. A really bad recession.

Answer 28

Depression

Question 29

Due to The Great Depression, government started introducing this for people in case they their jobs.

Answer 29

Welfare State

Question 30

Belief the government has responsibility on you from birth to death,

Answer 30

Cradle to Grave

Question 31

The government makes influential decisions but not as heavily involved as command economy.

Answer 31

Central Planning

Question 32

Time period in Europe when people started getting ideas of change, Started questioning society.

Answer 32

Enlightenment

Question 33

Another word for modified free-market. Government intervention in free-market economy.

Answer 33

Mixed Economy

Question 34

The more money the person earns, the higher the taxes they have to pay.

Answer 34

Progressive Taxation

Question 35

Everyone has the same tax percent to pay despite the amount of money you earn.

Answer 35

Flat Tax

Question 36

Government should provide money when there is a crisis (Modern Liberal).

Answer 36

Stimulus

Question 37

Government should cut money when there is a crisis (Classical Liberal).

Answer 37

Austerity