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Contemporary World
The History of the Distribution of Wealth
| Question | Answer |
|---|---|
| Who am I? State Intervention | Interventionism |
| Who am I? Encourage unrestricted free-trade between countries to increase exports of most competitive industries | Neo-Liberal |
| Who am I? Encourage Governments to financially support the country's less competitive businesses to prevent job loss. | Interventionism |
| Who am I? Ensure universal public health care and education through taxation. | Interventionism |
| Who am I? Adopt international labor standards and encourage all countries to enforce them. | Interventionism |
| Who am I? Reduce binding corporate rules to help businesses establish operations in other countries where they can create jobs and wealth. | Neo-Liberal |
| Match the Statement with the indicator of wealth: The more raw materials a country has, the greater its possibilities for developing various industries. | Abundance and exploitation of Natural Resources |
| Match the statement with the indicator of wealth: Skilled workers have higher incomes and better access to new technologies than low skilled workers. | Access to Education |
| Match the statement with the indicator of wealth: The time and energy that is not used to obtain this basic resource can go toward creating wealth. | Access to Drinking Water |
| Match the statement with the indicator of wealth: Armed conflicts and violence destroy the produced wealth of a society, which must then rebuild rather than create new wealth. | Security |
| Which economic systems are based on one group dominating another? | Feudalism, Mercantilism, Colonialism, Capitalism |
| Which economic system(s) is based on equality among all individuals? | Socialism |
| Is the wealth that is created distributed equally in the capitalist system? | NO |
| Who am I? Minimal State Intervention | Economic Liberalism |
| Who am I? Distribution of Wealth | Interventionism |
| Who am I? Individual accumulation of wealth | Economic Liberalism |
| Who am I? The law of supply and demand takes priority | Economic Liberalism |
| Who am I? State regulation of economic cycles takes priority | Interventionism |
| What are the consequences of applying Milton Friedman's theories on the population? | Social Hierarchy is created and wealthy people benefit more from this than poorer people. |
| What is meant by a boom in economics? | Money and wealth increase |
| What is meant by a recession in economics? | money and wealth decrease |
| For the statement, indicate whether the price will increase of decrease: Tickets to a hockey game sell out quickly due to the sport's popularity. | Prices increase |
| For the statement, indicate whether the price will increase or decrease: Depleting global stocks of petroleum in emerging countries, combined with increased energy consumption | Prices increase |
| For the statement, indicate whether the price will increase or decrease: Following the signing of a free-trade agreement, many foreign businesses can now sell their products and compete with local businesses. | Prices decrease |
| For the statement, indicate whether the price increases or decreases: A large multinational corporation buys out two of its main competitors. | Prices increase |
| For the statement, indicate whether the price increases or decreases: Due to an economic crisis, the demand for new cars falls. | Prices decrease |
| What can be seen in the distribution of wealth since the Middle Ages? | From no distribution to a lot. More control over money to less individual control of money. |
| Which stakeholder is at the heart of the socialist economic system and what is its role? | The state: It must distribute wealth. |
| What are two socialist powers of the 20th century? | Russia, China |
| What groups of countries are associated with Capitalism? | US, Western Europe |
| What groups of countries are associated with Communism/Socialism? | USSR, Eastern Europe |
| What were the important milestones in the Cold War? | Economic difficulties makes communism collapse under the weight of its own contradictions. |
| Match the value to the economic system: Individual Freedom | Capitalism |
| Match the value to the economic system: Right to ownership | Capitalism |
| Match the value to the economic system: The sharing of wealth | Socialism |
| Match the value to the economic system: The collective good | Socialism |
| Which mid 20th century event triggered a decolonizing movement? | WWII (economically, financially) |
| Name two factors that led to the decolonization movement in the second half of the 20th century. | Movements for nationalization, Calls for independence among nationalist movements within the colonies. |
| Why did the US encourage decolonization? | US had to benefit from more international trade, you gain a lot from the colonial independence. |
| Name two factors that explain the difficulties decolonization caused for African countries. | Ethnic, political conflicts with the Mother Country. |
| How does the nationalization of resources affects the sharing of wealth? | Foreign investors will benefit from the profit. |
| Is the nationalization of an economic sector inspired more by socialist or capitalist values? | Capitalist views; it involves money. |
Created by:
superchickgirl5
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