Economic Systems
an economic system in which individuals, rather than the state, own most of the resources. This includes land, labor, and capital. Individuals control the use and price of these resources through voluntary decisions made in the marketplace.
What is Market Economy?
A theory where all business is owned privately for profit. Government stays "hands-off" on the economy.
What is Capitalism?
When buying power decreases and prices increase.
What is Inflation?
The New Deal was a set of government programs and initiatives in response to which economic event?
What is The Great Depression?
Many Americans had a similar feeling in response to Wall Street being bailed out for $700 Billion by the Federal Government.
What is Angry?
An economic system in which the government answers the three basic economic questions. The government owns industries, determines wages, and sets jobs. The government controls the
What is Command Economy?
A theory where the government owns all private property and has full control over economic output and production.
What is Communism?
Income that doesn't change.
What is Fixed Income?
This President of The United States was the architect of the New Deal.
What is Franklin Delano Roosevelt (FDR)?
This specific industry's market crashed because too many people couldn't afford what they had purchased and the value of what they had purchased started decreasing.
What is the Housing Market?
An economic system that has elements of both market and command economy. All countries have some form of market and command. No country is completely pure market or pure
What is Mixed Economy?
A theory that advocates the means of production, distribution, and exchange should be owned or regulated by the community as a whole. Property is a mix of private and public ownership.
What is Socialism?
When prices fall and the value of money increases?
What is Deflation?
Many of President Roosevelt's reforms would be supported by followers on which place on the political spectrum? Conservatives, Liberals or Radicals?
What is Liberals?
Describe the idea of mortgage "Liar Loans".
People could take out a mortgage to buy a home they couldn't afford by lying about their income with nobody checking to verify their income.
An economic system based on customs and family traditions. Jobs are handed down from family members and there is little change over time. The people produce what the need to survive. Most people either hunt, gather, or farm for their resources.
What is Traditional Economy?
A theory that believes all social classes should be considered "even"
What is Communism?
When prices are pulled up because the demand is greater than the supply.
What is Demand-Pull Inflation?
As the depression unfolded, consumers ran to the banks to do what?
What is take all their money out of the banks?
This $700 Billion program (4 Letters) was passed by congress and used to help slow the crisis on Wall Street.
What is the TARP Program?
Identify this country's economic system: Business owners make the most economic decisions as long as they follow fair trade policies set by a federal agency. Business owners can decide what to produce, how to produce, and for whom to produce without government intervention.
What is a Mixed Economy?
A term used to describe the government having no role in the economy.
What is Laissez Faire?
When prices rise and are pushed up because the cost of labor and resources increase.
What is Cost-Push Inflation?
During his inaugural address, President Roosevelt identified one particular thing that Americans should fear. That was?
What is fear itself?
The government forced the major banks to do this in order to slow the panic and restore market confidence that the banks would not fail.
What is take billions of dollars in loans?