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Economics Ch. 10
Government and the Economy
| Term | Definition |
|---|---|
| This is a established system of political administration by which a nation, state, society or organization is ruled | Government |
| These are the two primary aims or objects of any government | Punish evil and reward good |
| This a term for people who take the law into their own hands | Vigilantes |
| These two influences restored some degree of order during the gold rush in California | Vigilantes and a stronger government |
| This is the study of national and global economies and how these major economies are affected by large scale choices and public policies | Macroeconomics |
| This is the study of specific components within a major economy and how the choices made by individuals, households, and business can affect the economy | Microeconomics |
| "That government is best which governs least, because its people discipline themselves" Who said this? | Thomas Jefferson |
| " It is just as important that business keep out of government as that government keep out of business" Who said this? | Herbert Hoover |
| This is an economic system based upon collective ownership and control of national resources | Socialism |
| This is a large, complex organization made up of appointed officials and their numerous agencies and departments | Bureacracy |
| This person was the founder of The Keynesian school of economics. He believed that it was the government's responsibility to pump money into the economy and ensure a low unemployment rate | John Maynard Keynes |
| This person wrote Thoughts on Scarcity. He believed that the government ought to confine its activity to "everything that is truly and properly public:peace,prosperity etc. The political state should not interfere with the economy if its not neccessary | Edmund Burke |
| This is government payments to specific individuals or industries in the name of public intrest | Subsidies |
| This is a decisive blow or remark | Sockdolager |
Created by:
Leslie Spark
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