Economics and Liberalism Exam Review Flashcards

Flashcards for Economics and Liberalism Exam Review

Command Economy

An economic system where the government controls most aspects of the economy.

Market Economy

An economic system where prices are determined by supply and demand.

Deregulate

Policies that aim to reduce government intervention in business.

Supply Side Economics

A policy promoting lower taxes and less regulation.

Keynesian Economics

An economic policy where the government intervenes in the economy to stimulate aggregate demand.

Fiscal Conservative

A conservative approach to government spending and debt.

Trickle Down Economics

The idea that wealth given to the upper class will benefit the lower classes through job creation and investment.

Democratic Socialist

A political ideology that advocates for a more egalitarian distribution of wealth and resources through government intervention.

Inflation

The increase in the general level of prices in an economy.

Communism

A social system based on community ownership and control of resources.

Liberalism

A political philosophy supporting individual freedom.

Progressive movement

A political ideology that supports gradual change and reform rather than revolution.

Reactionary

Someone who seeks to restore past conditions.

Radical

A person who advocates thorough or complete political or social reform; a member of a political party or movement aiming at such reform.

Nouveau riche

Newly rich.

Aristocracy

The highest class in certain societies, typically holding hereditary titles and offices.

Absolute Monarch

A ruler who has absolute power.

Mercantilism

Belief in the benefits of profitable trading

Constitutional Monarchy

A system of government in which a monarch shares power with a constitutionally organized government.

Boom and Bust

An economic cycle in which periods of growth and prosperity are followed by periods of decline and recession.

Utopian Socialists

Socialists who believe that they can establish small-scale model communities where people can live in harmony and practice their ideology.

Universal social-welfare programs

Programs providing benefits to individuals based on their rights as citizens.

Universal health care

Healthcare system where all citizens have access to healthcare services.