The basic values of conservative ideology are individualism, freedom and the inevitability of this circumstance.
What is inequality?
100
The liberal view is that the government should regulate the free market to a degree and provide this level of income security benefits.
What is minimum?
100
Social democrats argue for social justice on the basis that in this law everybody has an equal claim to the wealth of society and no one has a claim to great wealth.
What is natural?
100
This is the man who developed the Keynesian theory.
What is British economist John Maynard Keynes?
100
Monetarists believe the key to managing the economy is managing the money supply and the cost and availability of credit or interest rates (monetary policy) rather than focusing on this expenditure or fiscal policy.
What is government?
200
According to this approach private property and private enterprise paramount and the role of this organization should be limited.
What is government?
200
The basic values of the liberal ideology is individualism, liberty, humanism and this principle.
What is pragmatism (practicality)?
200
Social Democrats believe the economy itself should be a blend of both public and private companies or this type of economy.
What is mixed?
200
According Keynesian theory this term describes how the greater total demand in the economy leads to even greater increases in national income which leads to more employment, and more spending.
What is the multiplier effect?
200
This theory was developed by this Chicago economist.
What is Milton Friedman?
300
According to Conservatives welfare interferes with the labour market and creates a ___________ on government.
What is dependence?
300
This is another name for liberals.
What is reluctant collectivists?
300
The basic values of social democratic ideology is social equality, social justice, cooperation, fellowship and this principle.
What is economic freedom?
300
According to Keynesian theory, overproduction of goods is the result of this since people cannot afford to buy products.
What is unemployment?
300
This term explains two simultaneous problems: stagnation (stalling) and inflation (high prices, low value currency).
What is stagflation?
400
Conservatives argue that this type of social welfare is better since it reduces social services and targets social program benefits to only the very needy.
What is private?
400
Liberals support social insurance so that everyone who pays also this.
What is benefits?
400
This man is known for these quotes:
"From each according to their abilities, to each according to their needs"
and
"workers of the world unite!"
What is Karl Marx?
400
This type of policy boosts economic activity by increasing government expenditures, lowering taxes to increase spending, and cutting interest rates to encourage spending,
What is reflationary policy?
400
NAIRU stands for this.
What is natural, acceptable and beneficial level of unemployment
500
Conservatives are sometimes called this.
What is anti-collectivists?
500
This type of liberalism refers to a political philosophy that gives priorities to the belief in free operation of a market economy with limited government involvement.
What is neo-liberalism?
500
Marx believed socialism was the transitional state between capitalism and this.
What is communism?
500
Without savings Keyes believes there would be none of this.
What is investment?
500
Government can directly affect he money supply by printing and destroying currency, bills and coins or indirectly by adjusting these rates.