Capitalism
The name for when a company or person has complete control over a market with little to no government intervention
Monopoly
A government owned entity is also called a what in Canada?
Crown Corporation
When did classical liberalism reach its peak?
Industrial Revolution
What is the name of the programs introduced in the 1930's to address the Great Depression?
The New Deal
What event marked the rise of growing left wing movements?
Industrial Revolution
Adam Smith coined what type of economic system?
Laissez-faire
The USSR is an example of what kind of economic system?
Centrally Planned/Command Economy
What economic system did classical liberalism replace?
Mercantilism
Name of the U.S. president who oversaw a recovery of the economy following the Great Depression
Franklin D. Roosevelt
A organization made up of workers arguing for certain rights and privileges is called?
Unions
What is the key theme in regards to the economy that all capitalists believe in?
Free market, limited government intervention
If demand and supply increase at the same time for a product, how does the price and quantity get affected?
Price: Same
Quantity: Up
What does Classical Liberalism advocate? (3 key ideas)
Individual freedom, free market, limited government
What was the name of the economic system that largely symbolized the recovery from the Great Depression
Keynesian Economics
Who wrote the Communist Manifesto?
Karl Marx
In a capitalist system, what is the general trend of the economy over a long term period?
Cycles of recessions and recovery but a linear upwards trend of growth
What are the two key components that make up and are assessed in an economic system?
Demand/Supply
What are the key ideas of Modern Liberalism? (3 key ideas)
What caused the Great Depression?
Overconsumerism, overproduction of wheat, tariffs, stock market
Countries like the Nordic countries utilize what sort of economic system?
Democratic Socialism
Supply side economics was created by which individual? Which U.S. administration represented this economic system the best?
Friedrich Hayek/Ronald Reagan
What creates scarcity? (3 key components)
Land, Labour, Capital
The symbolic boundary that divided Europe in two between the two political/economic systems was called? Double points if you also name the two alliances
The Iron Curtain
What were the 3 key targets of the New Deal?
Relief, Recovery, Reform
What separates Communism from Socialism? (3 key ideas)
2. Government Owned/Some Privatization
3. No Private Property/Some Private Ownership
4. One Party State/Democracy