vocab for economics

What is the spectrum positions of economics?

Where something stands, either left wing collectivism or right wing individualism

What is the farest left position?

1) communism

What is the mid left positions?

2) socialism

What is the middle position?

3) mixed economy

What is the mid right position?

4) welfare capitalism

What is the far- right position?

5) capitalism

What is the main idea of the new deal?

Economic and political reforms in the shape of programs would lift the out of the Great Depression

What are the three “r” of the new deal?

Relief, recovery, reform - all by T. Roosevelt

How did the new deal leave a good impact?

Made the USA government an active provider of the economy with beneficial programs

What does a right wing ideology look like?

It preserves traditional structure, a free market and can be defined as conservative

What 1s the trickle down economic theory?

Apart of the free market idea ,lowering taxes on wealthy cooperations will eventually trickle down to help the lower class

Who was Ronald Reagan?

The US president who promoted trickle down economics and is very Adam smith

What is Perestrovia defined as?

Restricturing - very big after the collapse of the Soviet Union

What was n Gorbachev s reforms of 1980?

Wanted perestroika (restructuring) and glasnost (openness) in the country

What was Gorbachev'S goal?

To revitalize and modernize the Soviet Union-even as a communist, he wanted no secrets

Why was the new lanark so important?

The first introduction of treating workers right gives pluses

What were some characteristics Robert owen's brought to new Lanark?

Shortening working hours, banning child labour and providing child care and education to its workers

How did Robert owen's impact the economy

Helped lay ground work for cooperative movements and labour laws

What is the free market economy?

Also called laiszees - fire. Prioritized private ownership, free choice to sell or buy at any price

What does the free market economy promote?

Competition through finicial gain, pushing innovations quality and low cost.

What is mixed market economy?

An economy with both free market and government regulations

What is a centrally planned economy?

Governments make all key decisions about the economy.

What does a centrally planned government look like?

Price +wage control, limited consumer choice, equality over freedom

What is a socialist economy?

Collective ownership of cooperations, needs overprofit to reduce weath und prioritize income distribution

What is the invisible hand metaphor?

How self interest benefits a society as a whole with limited government intervention

Why is the invisible hand not perfect?

It can create monopolies, wiping out competition, inequality and more

Who is Adam smith?

Father of modern economics, believes in the free market

What are the collectivist economic systems?

Communism, socialism, social democracy and anarcho-collectivism