Cultural and Political Geography - Economics Final

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34 Terms

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Study of the performance of economy, government policies such as actions of the Treasury

Macroeconomics

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Markets exist when buyers exchange money for goods and services from sellers and determine market prices

Free-enterprise systems

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Goods and services that meet basic necessities

Needs

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Money spent on one thing is gone and cannot be spent on another

Opportunity cost

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Study of behavior of individuals in the market and the factors that affect their choices and behavior

Microeconomics

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Government’s attempt to influence the economy through changes in taxes, or government spending

Fiscal policy

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Price of one good or service compared to prices of many other

Relative price

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Desires that can be satisfied by consuming goods, services, or leisure activities

Wants

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Intangible goods that are provided to us and that we purchase

Services

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The medium of exchange for goods and services

Money

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Embraced the economic theory of government owning only the major means of production

Charles Fourier

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Expanded the theory of laissez-faire to population control as a way of mitigating poverty

Thomas Malthus

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Developed economic theory of mercantilism

Jean Baptiste Colbert

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Promoted economic theory of laissez-faire and capitalism “let everyone look out for their own interests”

Adam Smith

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Promoted the idea of laissez-faire to wages and indicated that when labor is scarce wages will be high

David Ricardo

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Promoted the economic theory of workers as ones that should own the means of production — communism

Karl Marx—Friedrich Engels

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Promoted the economic theory that the greatest good for the greatest number of people

John Stuart Mill

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Economic theory that the government should spend more money it does not yet have to stimulate the economy and pull the country out of recession

John Maynard Keynes

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Income taxes; provision of transportation to rural communities; protection of property rights; subsidies to farmers

Government intervention in economy

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Total market value of goods and services produced in the economy in year divided by the nation's population

Gross Domestic Product

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Labor unions; corporations; legal systems; non-for-profit organizations; banks; government

Financial institutions

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The economic forms where workers are supposed to own the means of production and share in the labor and profit

Communism

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Individuals produce only enough goods and services to survive in a small contained community

Traditional economy

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Arenas where stocks are bought and sold

Stock markets

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Government intervention is seen as necessary to accomplish social justice and reforms

Utilitarianism

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Economy is geared toward what the consumer wants and is willing to pay

Free Enterprise

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Mixed economy where government equalize distribution of income and encourages free enterprise in other areas

Socialism

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Teaching profession; computing firms; sales personnel; nursing professions:

Services

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Raw materials; labor; advertising; capital; management are examples of:

Resources

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Level of expertise; risk involved; and competitive labor costs determine:

Income

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Wholesale firms; retail shops; wall streets; housing companies are all examples of:

Market

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Entrepreneurs and stockholders are examples of:

Investors in market economy

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Unemployment; taxes; inflation; Federal Reserve are all roles played by:

Government

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Free market economic is shaped by the following:

Supply and demand