Upgrade to remove ads
American Foundations: economics
Terms in this set (31)
He said: "The boom, not the slump, is the time for austerity"
capitalism is also known as a ____________ economy
Capitalism needs this from government
rule of law
He said:"the worst fear I have about this people is that they will get rich in this country"
example of paradox of value
he wrote: " the protestant work ethic and the spirit of capitalism"
self interest rightly understood much have just pursuit and just this:
The father of monetary policy
government spending in order to stimulate the economy
fiscal policy/ keynesianism
He wanted to liberate the middle class
Weber said this explains why capitalism thrives among certain groups
protestant work ethic
The Marshmallow experiment is an example of this
He studied the great depression and helped get us out of it
Choice based on benefiting one's self (may also benefit others)
This is controlled by the Federal Reserve
When the value of an individual item goes down as you acquire more of that item
The DMV is an example of this:
He said:"private vices may be turned to public benefits"
This entity controls the supply of money in the US
Too much speculation can lead to this economic problem
Karl Marx attempted to address this
McDonald's instead of Burger King is an example of this:
He said:"some people entirely denounce the principle of self-aggrandizement as wrong. [But} it is a correct principle and may be indulged upon only... to elevate, benefit, and bless others first."
This shapes consumer behavior
He said:" two roads diverged in a yellow wood"
This happens when both prices and wages increase
He wrote about the invisible hand
As supply increases, demand does this:
The opposite of inflation
Beanie Babies are an example of this
These government programs instigated by FDR, helped the US economy to recover from the Great Depression
The New Deal
Sets with similar terms
American foundations unit2
Economics Unit 6
Monetary and Fiscal Policy Study Guide ECON
American History Great Depression and New Deal
Other sets by this creator
American Foundations Final exam
American Foundations Exam1
Other Quizlet sets
Microbial Genetics (Chapter 7)