Theories
The theory that trade generates wealth and wealth is maintained through profitable balances
What is Mercantilism?
He proposed that state intervention is required during boom and bust cycles of the economy, a theory later known as Keynesian economics.
Who is John Maynard Keynes
Government system that provides monetary assistance to people with an inadequate or no income. (insurance program that provides benefits to retired persons, the unemployed, and the disabled.)
What is Social Security?
The machine invented by Eli Whitney in 1793 that enabled greater efficiency in separating cotton fibers from their seeds compared to manual separation.
What is the Cotton Gin?
The business practice of the consolidation of all firms in an industry to create a monopoly
What is Horizontal Integration
The economic theory of Karl Marx which formed the basis for Communism.
What is Marxism?
Scottish economist, Enlightenment philosopher and author who laid the foundations of classical free market economic theory in his book, "The Wealth of Nations."
Who is Adam Smith
A United States presidential executive order issued by President Andrew Jackson in 1836 that required payment for government land to be in gold and silver.
What is Specie Circular?
This tool invented in 1837 by Cyrus McCormick vastly increased the productivity of the American Grain farmer
What is the Mechanical Reaper
Combination of inflation and unemployment leads to...
What is stagflation?
Economic system in which a country's industry is controlled by private enterprise rather than the government.
What is capitalism?
Famous American banker who bought the US Steel company from Andrew Carnegie
Who is J.P. Morgan?
A New Deal US labor law and consumer law passed by the US Congress to authorize the President to regulate industry for fair wages and prices that would stimulate economic recovery. It also established the Public Works Administration
What is the National Industrial Recovery Act?
The mass-produced car, starting in 1908, was sold at an affordable price for people
What is the Model-T?
The economy where the market price is beyond the control of individual buyers and sellers due to the numerous amount of buyers and sellers
What is Perfect Competition
The planning of economic and foreign policy on a global basis, often involving lower tariffs and increased foreign competition.
What is Globalism?
Gilded Age industrialist who founded Standard Oil.
Who is John D. Rockefeller?
A five-member board with broad authority to regulate unfair and deceptive business practices, created under The Federal Trade Commission Act of 1914.
What is The Federal Trade Commission?
Who achieved the first powered, sustained and controlled airplane flight
Who are the Wright Brothers
The type of economy that led to the Great Depression
What is Monopolistic Competition?
Economic policy with absolutely no government interference. Means "hands-off" in French.
What is Laissez-faire?
Gilded Age industrialist who created a prosperous steel company and wrote "The Gospel of Wealth."
Who is Andrew Carnegie?
The first measure passed by the U.S. Congress in 1890 to prohibit trusts.
What is the Sherman Anti-trust Act of 1890?
Samuel Colt developed this while heavily utilizing Whitney's invention of interchangeable parts.
What is the revolver?
Control of all stages of production for a product
What is Vertical Integration?