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Economic Terms
American Revolution and Constitution
Great Depression
Two Germanies
Communism vs. Free Market
100
The benefit that influences the choices people make.
What is an incentive?
100
The protest in 1773 against the British tax on tea
What was the Boston Tea Party?
100
The pattern of up-and-down movements that occur in economic activity over time
What is the business cycle?
100
The barrier that separated the East Germany from the American, British, and French sectors of Germany's capital
What was the Berlin Wall?
100
In communist theory, the class of people who own capital or control the means of production
What is the bourgeoisie?
200
The market value of all final goods and services produced within the borders of a nation during a year.
What is GDP?
200
Taxes on trade
What are tariffs?
200
The environmental disaster that destroyed the farms of thousands in Kansas, Oklahoma, and other states in the Great American Desert.
What was the Dust Bowl?
200
An economy in which a central authority makes the decisions about what goods and services will be produced, how they will be produced, and to whom they will be distributed
What is a command economy?
200
In communist theory, the class of wage-laborers, who are oppressed by those who own capital.
What is the proletariat?
300
A sustained increase in the average price level of all goods and services produced in an economy, often caused by an increase in the money supply.
What is inflation?
300
The acts that enforced mercantilist policy by protecting British and colonial trade from competition
What were the Navigation Acts?
300
The cultural value that places your identity in the things you buy.
What is consumerism?
300
The method of deciding what to produce in a market economy
What is "dollar voting"?
300
The push for social justice through the policies and enforcement of the government.
What is the Social Gospel?
400
An area in which tariffs and quotas are reduced or eliminated
What is a free trade zone?
400
The clause of the Constitution that ensured the new government would honor and enforce the legal agreements of its citizens
What is the Contracts Clause?
400
The New Deal program intended to raise the incomes of farmers (involving the slaughter of 6 million hogs).
What was the AAA (Agricultural Adjustment Act)?
400
The production goals assigned by the East German government to individual industries and the whole economy
What were quotas?
400
The economist who warned that government planning only distorts and interrupts what markets should do naturally--such planning can eventually end in dictatorship.
Who was Friedrich Hayek?
500
This occurs when one person’s spending is received as income by another person, who in turn uses some of that income in new spending. As the income is cycled through the economy, the total income in that economy rises.
What is the multiplier effect?
500
The economic system that forces colonies to assist their mother country in gaining wealth
What is mercantilism?
500
The decrease in the money supply caused by failing banks and the austerity of the Federal Reserve
What was the Great Contraction?
500
The ridiculously inefficient and shoddy car that East Germany produced--the only car available to its citizens.
What was the Trabant?
500
The British economist who argued that the government needs to spend as much money as possible to get the economy out of a Depression
Who was John Maynard Keynes?