Economic Systems and Theories
This economic approach supports government involvement in the economy to correct problems.
What is interventionism?
These organizations help workers fight for better wages and working conditions.
What are labor unions?
This major economic crisis began in 2007 and affected economies around the world.
What is the Great Recession?
This risky practice involves borrowing money to buy stocks.
What is buying on margin?
This economic crisis in the 1930s led to widespread unemployment and poverty.
What is the Great Depression?
This type of government policy involves spending and taxation to influence the economy.
What is fiscal policy?
This type of unemployment happens when workers are between jobs.
What is frictional unemployment?
This term describes a government that provides services like healthcare and education to support citizens.
What is a welfare state?
This happens when people buy stocks or assets hoping prices will rise quickly.
What is speculation?
This method of production uses a moving line to assemble products quickly.
What is an assembly line?
This British economist believed that government should spend more during economic downturns.
Who is John M. Keynes?
This type of unemployment happens when people lose jobs during a recession.
What is cyclical unemployment?
This program provides money to people who are out of work in Canada.
What is Employment Insurance?
This is when the government sets a minimum price for goods like wages.
What is a price floor?
This sector involves making goods in factories.
What is manufacturing?
This branch of economics looks at the economy as a whole, including inflation and unemployment.
What is macroeconomics?
This type of unemployment happens when jobs are only available during certain times of the year.
What is seasonal unemployment?
This U.S. president created the New Deal to help the country during the Great Depression.
Who is Franklin D. Roosevelt?
This is an example of a price ceiling.
Rent control, medications, electricity, gas…
This sector involves growing crops and raising animals.
What is agriculture?
This economic theory, developed during the Great Depression, supports government spending to boost demand.
What is Keynesian Economics?
This type of unemployment happens when workers’ skills don’t match available jobs.
What is structural unemployment?
This law, passed during the Great Depression, established the Federal Deposit Insurance Corporation (FDIC).
What is the Glass-Steagall Act?
This is the highest legal price that can be charged for a product.
What is a price ceiling?
This philosopher believed that capitalism would eventually be replaced by socialism.
Who is Karl Marx?