new phone, who dis?
This person basically invented communism.
Who is Karl Marx?
This system is the economic system of United States and Canada today.
What is capitalism or a market-based economy?
The study of money, trade, and work.
What is economics?
The prices of goods will rise because there is an increase in the money supply.
Why does inflation happen?
This means when you make much more of a product than what the society actually needs, leading to excess waste.
What is overproducing or overproduction?
"How would you create your society if you had no idea what type of person you were?"
It features an economy that is controlled by both government and the market.
What is a mixed economy?
The things that people use to make goods and services, like land, labor, and capital.
What are resources?
Examples of this study of economics include: how increase in gas prices will change individual budgeting, how consumers will respond to lowering prices of electronics, and how one could make a business more competitive on the market.
What is microeconomics?
Inequality and instability.
What are the flaws of capitalism?
Governments and sovereign rulers create order, and thus should be supported.
What did Thomas Hobbes believe?
This ideology from Europe in the 18th century allowed capitalism to prosper the way it does today. It advocated for ideas of individual rights and political freedom.
What is the Enlightenment era?
You would want to cut wages and salaries, increase work hours, provide supervision to ensure productivity, outsource work to cheaper countries, and prevent unity among workers to name a few.
What can employers do to maximize profits?
In the 2008 financial crash, Bank of Canada decided to lower this to promote people in the public to get more loans.
What are interest rates?
"This is the name for a premise that, quietly, has come to regulate all we practice and believe: that competition is the only legitimate organizing principle for human activity."
What is neoliberalism?
One believed that children are blank slates shaped by their experiences, and one believed that children are all born inherently good.
What is the difference between John Locke's and Jean Jacques Rousseau's view on children and babies?
What to produce, how to produce, and for whom to produce.
What are the three fundamental economic questions that make up an economic system?
By June 1, 2025, all employees in BC must be paid this amount hourly at least.
What is the significance of $17.85?
This economic theory hinges on the belief that government intervention can stabilize the economy.
What are Keynesian economics?
The unseen forces that drive supply and demand in the market, and that selfishness can lead to general benefit of a society.
What is the central idea of the invisible hand?
This person once said "fascism was a capitalist reaction to socialism" at the end of WWII.
Who is Friedrich Hayek?
These are all part of Jim Stanford's possible criteria for evaluating the wellness of an economy.
What is prosperity, security, innovation, choice, equality, sustainability, and accountability?
According to the Canadian voting system, when you vote in a provincial election, the person that wins the vote in your area will have a seat in this part of the provincial government.
It is problematic because it takes money for social services out of the communities that companies are located in.
Why is trade mispricing problematic?
This is when demand is not based on the desire for labour itself, but rather on the demand for the goods and services that those workers produce.
What is derived demand for labour?