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Economics Social Studies 30-1

Stagflation When a reccession and high inflation occur at the same time
Economic System Set of methods and standards by which a society decides and organizes the ownership and allocation of economic resources
Free Market Production is carried out in a private enterprise system where all resources are privately owned
Pure-Communist Economic System Following Karl Marx is a system where all resources are publicly (gov) owned with a goal of minimizing inequalities of wealth
Who makes decisions in a command/centrally planned economic system? Government decides what to make and how to make it
Who makes decisions in a market system? The people by what they buy (Supply and Demand)
What side of the spectrum would embrace a laissez-faire economic system? Right; Laissez Faire means hands-off/ no gov interference
Mercantilism Left wing economic system that believes the aim of all economic pursuits should be to strengthen the power and wealth of the state
Monopoly Exclusive ownership/control of trade in a particular good or service
Reaganomics Economic policies of Ronald Reagan's USA presidency which support less gov interference in economy, anti-labour rights, anti-government regulations and less regulation policies in general (Right wing would support)
Keynesian/Demand side Economics During a Recession, gov should interfere and spend money to create jobs and recover economy
Supply-Side/Trickle Down Economics During a Recession, conservatives would want the government to lower tax rates for enterpreneurs so they would invest their tax savings which would create jobs and improve economy
Fiscal Policies How gov spends and takes in taxes (public health care, fixing roads, etc.) and how they deal with debt (spend less or tax more)
Affirmative Action an action or policy favoring those who tend to suffer from discrimination (eg. gov making a fire department hire at least 20% women and 10% latinos and the rest whomever was best for the job)
Welfare State Economy is capitalist but gov uses policies to modify market to ensure economic stability and basic standard of living for all
Progressive taxation If you make more money, you get taxed higher
Thatcherism China's leader Nikita Khrushchev's version of Reaganomics with little gov intervention and less regulations
Key economic questions every society must answer (2) What to produce and how to produce it
What basic economic goals do societies have? (5) Full employment, economic growth, economic efficiency, economic stability and economic equity Main 3: growth, stability and full employment
Created by: kalynlck