Economics

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Chapter 6 & 7

Last updated 4:36 PM on 3/17/25
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22 Terms

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Welfare State
A state that is democratic and capitalist but looks after the welfare of its citizens.
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Laissez-Faire Capitalism
An economic system where the state does not regulate business.
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Industrial Capitalism
An economic system characterized by industrial production, often criticized for its negative impacts.
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Deflationary Spiral
A situation where falling prices lead to decreased economic activity and investment.
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John Maynard Keynes
British economist who invented modern economics, emphasizing aggregate demand.
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Classical Economists
Economists who focus on partial equilibrium and believe that supply creates its demand.
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The Multiplier Effect
The phenomenon where money circulates in the economy, increasing overall economic activity.
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Demand-side Economics
Economic theory that asserts high demand for goods and services leads to economic growth.
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Supply-side Economics
Economic theory that supports growth through the supply of goods and services available.
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Monetary Policy
Economic strategy that influences the value of money.
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Fiscal Policy
Economic strategy that involves taxing and spending by the government.
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Deficit
The amount of overspending in a fiscal year.
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Debt
The total of all deficits plus interest.
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The New Deal
Franklin Delano Roosevelt's program aimed at economic recovery that included various reforms.
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Stagflation
An economic condition characterized by stagnant growth and rising inflation.
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Neoliberalism
An economic approach that emerged due to stagflation, advocating for reduced government intervention.
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Perverse Incentives
Practices that lead to undesirable outcomes.
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Bretton Woods
The 1944 agreement that established the US dollar's convertibility into gold.
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Nixon Shock
The 1971 decision to sever the link between the US dollar and gold.
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GI Bill
A program providing veterans with benefits for education and social insurance.
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Great Society
Lyndon Johnson's program to address social issues, including Medicare and Medicaid.
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Post War Consensus
A period of agreement in post-World War II Britain emphasizing welfare and economic regulation.