Social Studies 30-1 - Unit 2 Part A Exam Review Vocabulary

This set of flashcards covers key vocabulary and concepts related to welfare capitalism, various economic theories, significant historical figures, and ideologies discussed in Social Studies 30-1.

Welfare Capitalism

An economic system combining a mostly capitalist economy with extensive social welfare programs.

Progressives/ism

A political movement advocating for social reform and addressing issues caused by industrialization.

Business Cycle

The fluctuations in economic activity that an economy experiences over a period of time, including expansion and contraction.

Demand-Side Economics

An economic theory advocating for government intervention to increase demand for goods and services.

Supply-Side Economics

An economic theory suggesting that economic growth can be created by lowering taxes and decreasing regulation.

Great Depression

A severe worldwide economic downturn that lasted from 1929 to the late 1930s.

New Deal

A series of programs and reforms enacted in the United States during the 1930s to recover from the Great Depression.

Welfare State

A social system in which the government plays a key role in protecting and promoting the economic and social well-being of its citizens.

Utopian Socialist

A form of socialism that envisions ideal communities where social problems are solved through cooperation.

Democratic Socialist

A political ideology advocating for political democracy alongside social ownership of the means of production.

Fiscal Policy

Government policy regarding taxation and spending to influence the economy.

Monetary Policy

The management of the money supply and interest rates by a central bank.

Trickle-down Theory

An economic theory that suggests benefits for the wealthy will eventually trickle down to everyone else.

Neo-conservative

A political movement characterized by a return to traditional values and advocacy for free-market capitalism.

Karl Marx

Philosopher and economist known for developing the theory of Marxism.

Adam Smith

Economist known as the father of capitalism and author of 'The Wealth of Nations'.

Robert Owen

Social reformer and founder of the cooperative movement.

John Stuart Mill

Philosopher and political economist known for his writings on liberty and utilitarianism.

Ronald Reagan

Fortieth President of the U.S. known for conservative economic policies.

Margaret Thatcher

British Prime Minister known for her strong conservative policies and opposition to socialism.

John Maynard Keynes

Economist known for his theories on government intervention to stabilize economic fluctuations.

Milton Friedman

Economist who advocated for free markets and monetarism.

Fredrick Hayek

Economist known for his defense of classical liberalism and free-market capitalism.