Learnin' yo History
We are the World
Freakonomics
Let Freedom Ring
Reality Bites
100
This was the worst drought in North America in 1,000 years, which devastated the Midwest in the 1930s.
What is the Dust Bowl?
100
This is the economic, political, social, and cultural transformation that is occurring throughout the world and is created by increased economic interdependence.
what is Globalization
100
These are taxes in imported goods. President Trump increased them (esp. on steel and aluminum) dramatically since summer of 2018.
What are Tariffs.
100
This is trade conducted without government barriers
what is free trade
100
This states that as the price of a good or service increases, consumer desire for that good or service will decrease.
What is the law of Demand?
200
This was a Depression-era law that raised taxes on imported goods and started and international trade war which hurt world trade and caused more unemployment.
What is the Smoot Hawley Tariff Act
200
A carbon tax is a fee that a government imposes on any company that burns fossil fuels that produce greenhouse gases. Which country has one the highest (and also most successful examples) of a carbon tax?
What is Sweden.
200
This is when a government gives money to certain industries so those businesses can charge lower prices.
what are subsidies
200
This is made up of 164 member countries and was designed to regulate trade, lower trade barriers, and settle disputes between member countries. Critics claim that this group doesn't do enough about poverty.
What is the World Trade Organization
200
These are quick surges in the market caused by speculation spending regarding a commodity which results in an explosion of activity that causes vastly overinflated prices.
what is a Bubble
300
This was an American program designed to help Europe recover after WW2 and provided over $13 billion in aid.
What is the Marshall Plan
300
This is a 27 nation agreement that eliminates many restrictions on the movement of people, goods, and services. Britain voted to leave this organization in 2016.
What is the European Union
300
This is any economic strategy to limit trade (including, but not limited to subsidies, tariffs, and import quotas)
What is protectionism.
300
Name 3 arguments AGAINST Free Trade.
Creates more losers than winners
Many lives disrupted by free trade (thousands of lost US manufacturing jobs; tens of millions in poverty world wide)
Winners are investors who shift capital around markets & big corporations move factories to cheap labor nations
Problems of standards→lowering: wages, safety, environmental laws
(ex. China’s bad milk)
Countries are too dependent on each other –rely too much for essential products makes you weaker (US; oil, autos)-plus bad economy spreads quicker
300
This country struggles with foreign food aid from the US because their farmers can't compete and it's putting them out of business.
what is Haiti
400
This man was the "Father of Modern Economics", wrote "The Wealth of Nations" and argued that prices and profit would act as an invisible hand to regulate the economy.
Who is Adam Smith
400
This type of economy is organized by government officials, and consumers have little impact on economic activity, making decisions only on products consumed. 
What is Command Economy
400
This is a business, country, or person with the resources to produce a good or service more efficiently than another business, country or person.
What is Comparative Advantage
400
Name 3 arguments FOR Free Trade
encourages participation of more countries in global economy
2) Trade gives companies access to new markets, introduces new technologies & practices to businesses worldwide & creates new industries
3) Makes economy more efficient a nation can focus its industries that perform best (US-food, China-clothing) goods are cheaper for consumers (people that are the final users of products and or services generated within a social system), with more choice
4) Rich nations raise worker condition standards
5) Reduces poverty (one who lacks basic human needs-living on less than US $1.25 per day). For example China’s per capita income has increased 4 times in 25 years
6) decreases the likelihood of war; based on dependency & cooperation
400
This is the fear that cultures & traditions will be overwhelmed by US values & pop culture (and Globalization has increased it!)
What is Americanization.
500
This was created in 1913 in order to maximize employment, stabilize prices, and moderate long-term interest rates
What is the Federal Reserve Bank.
500
This is when society overuses shared resources, and can end up depleting them.
What is the tragedy of the commons.
500
This is the overall increase in prices of products and services that is measured by the consumer price index. Name it and two types of this
What is Inflation?
- Demand-pull inflation.
- Cost-push inflation.
- Built-in/Monetary inflation.
500
These are factors in the destination country that attract the individual or group to leave their home.
What are pull factors
500
In order to make money during the housing bubble/crisis in the US, Michael Burry, Mark Baum and others bet against the housing market by buying THESE.
what are credit default swaps