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Civics Econ Unit Test
Terms in this set (24)
Any medium of exchange
What is money?
Unsound - backed by nothing, Sound - backed by commodity like gold or silver
What is the difference between sound and unsound money?
Currency that has to accepted for all debts, public, or private
What is legal tender?
Bit Coin - currency that isnt physical but rather online and non existent
What is the most well-known digital currency? What is a digital currency?
control inflation and limit unemployment
What are the two main jobs of the Federal Reserve?
What does inflation do to the value of your money?
The private ownership of the means of production, distribution and consumption of goods and services.
The public ownership of the means of production, distribution and consumption of goods and services.
1. it is a capitalist system 2. government takes responsibility for the economy 3. government uses its power of taxation and spending to control the economy 4. gov't divides economy into sectors OR gov't directly plans and controls the economy through crony capitalism.
The four features of fascism.
It exists when government and corporations form a mutually beneficial relationship.
What is the short description of fascism?
Free Market - Not in America, no government intervention. Not Free Market - Government intervention, America today (taxes, min wage, and regulations.
What are the differences between free market capitalism and not free market capitalism?
Competition is good for capitalism especially when everyone is cooperating and following the same rules to create the best product possible. This benefits us the consumers finding the correct product to buy or buy from. For example, Walmart and Iga are competeting to be the best grocery store for the town of Laurel.
In capitalism, what is the relationship between cooperation and competition? Who benefits from competition between businesses? (Write as much as you can remember)
Theory that explains the interactions between the sellers of resources and the buyers for that resource.
People on the west coast are moving to Montana making the demand more than the supply of houses. The houses are going higher and so now builders are building more houses to meet the supply to the demand.
Explain the law of supply and demand. Use examples
"The trouble with socialism is that eventually you run out of other people's money." If someone works super for their job and gets paid the same as the person who is lazy you will run out of people working hard because why work hard if you are getting the same pay and benfits as the lazy person.
Margaret Thatcher's quote about socialism. Explain what you think she meant by that quote.
close friend, a government corporate alliacnce and both beneifit such as, Walmart stayed open during the pandemic others had to close.
What is a crony? What is crony capitalism?
John Maynard Keynes who was an admirer of Musolini and Hitler, Government Action. When the economy is doing well it is called a surplus (when the gov raises taxes and cut spending) and when teh economy is struggling it is a deficit (cuts taxes and spends money). This is a type of Not Free Market capitalism such as when the government inplements taxes or regulations. 2008 the great housing crisis (encourage investment in real estate) and you didnt have to put any money down on your house this created tax breaks and low interest rates. President Reagan promised to reduce government spending and taxes (Reganomics). He cut income tax and corporate tax rate instead of reducing the debt. Helped end the recession of 1981.
Keynesian Economics was named for what person? Does Keynesian Economics require government action or does it require human action? Explain how Keynesians deal with fluctuations in the economy. Is Keynesian Economics a type of free market capitalism or is it a type of not free market capitalism? Explain. Give two historical examples with as many details as you can remember about implementation of Keynesian Economics and how they worked out.
Human action (human intervention), the Austrian economic system would just let the business cycle run its course because it says that the economy goes through ups and downs normally. Let the economy go such as no government intervnetion at all.
How would Austrian Economics deal with the business cycle? Does Austrian Economics require government action or does it require human action?
The scientific study of the means of production and distribution of goods and services so that they may be consumed by others.
The creation of a good or service that has value to another individual.
The method of getting goods to the individuals who will use them.
The actual use of the goods that are produced.
Those nations which have a relatively high level of industrialization.
Those nations which have a relatively low level of industrialization.
Anything owned by anyone not the government.
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