Vocabulary
The term for a government owned and operated business in Canada
Crown Corporation
What is the most left-wing style of economy (also known as centrally planned, communism, or centralized)
Command economy
True or false: socialists believe resources should be controlled by the public instead of private businesses
TRUE
Progressivism is often associated with which former US President, who was one of the first to promote workers' rights?
Teddy Roosevelt
What measure is typically used to determine the economic prosperity of a nation?
GDP (Gross Domestic Product)
The term for the system and structure of government employees
Bureaucracy
This is also known as a decentralized or laissez-faire economy
Free market
What is the key difference between Marxism and other forms of socialism?
Marxism accepts violence as a means of creating change
How is modern liberalism different from classical liberalism?
Modern liberalism supports most elements of a free market economy but believes the government should provide welfare/a safety net to create more stability
Which economist is attributed with proposing Demand-Side economics?
John Maynard Keynes
Government policy that usually involves changing taxation or government spending
Fiscal policy
Most countries today operate on this type of economy.
Mixed economy
This type of socialism is idealistic and promotes modifying classic liberalism to provide better education and conditions for workers
Utopian socialism
The Great Depression
Keynes believed that during a boom cycle, the government should take what action(s)?
Raise taxes, raise interest rates, decrease government spending to help save for the bust
A revolution by handcraftsmen in the Industrial Revolution where they destroyed machinery to protest capitalism
Luddites (Luddism)
Universal = accessible by all citizens, like healthcare or employment insurance
Targeted = for a specific group only (disability benefit, child benefit)
Marxism is also known as ________ ________
Scientific socialism
This program package was organized by FDR and was intended to kickstart economic recovery during the Great Depression
The New Deal
Describe two purposes of labour unions.
Negoating wages/salary, providing benefits, working hours and working conditions, prevent unreasonable firing, etc.
What is an oligopoly?
A market where a few powerful companies dominate production and distribution
Name three countries that today are considered "communist"
Cuba, North Korea, Vietnam, Laos, China
Identify the ideological system:
- Attributed to Edmund Burke
- Believes in a hierarchy where only a limited electorate of educated people could choose leaders
- Believes the masses to be irrational and unable to choose what is best for themselves
Classical conservatism
List two programs or incentives that were established in the New Deal
Alphabet Agencies (public works programs), Social Insurance, trade unions, labour laws
Who were the Chartists, and who were the Luddites?
Chartists - working class people in Britain protesting for social and political reform (mainly the right to vote)
Luddites - workers who protested mechanization by smashing machinery that had replaced them