- isms
This type of economy champions a free market and little government intervention.
What is capitalism?
This president created The New Deal.
Who is Franklin Delano Roosevelt?
When a price is too high for a good, a consumer may find another option that is similar to it, also known as a __________ good.
What is a substitute good?
This shows the relationship between the price of a good & the amount of it that is demanded.
What is a demand curve?
Capital, Enterprise, Labor, Land
What are the factors of production?
Karl Marx wrote about this type of economy, envisioning no private property and a redistribution of wealth.
What is communism?
Instituting more requirements and limits for these was a major goal of the New Deal.
What are loans and/or investments?
When the price for an item is much higher than the actual value for the item, this is created, which can lead to instability in an economy.
What is a bubble?
This is a movement of the entire supply curve to the left or right.
What is a change in supply?
Mechanization, Interchangeable Parts, Specialized Workers, Factory Production
What were improvements to production during the Industrial Revolution?
The practice of enacting government regulations meant to stabilize the economy and protect workers' rights is also known as this.
What is interventionism?
This major economic event served as the impetus for the spirit of interventionism that led to the New Deal and its programs.
What was the Great Depression?
Although the potential benefits are great, the risks associated with this include loss of money, reputation & business failure.
What is entrepreneurship?
If a producer sets the price for a good too high, this is likely to occur with the amount demanded.
What is a surplus (or a decrease in demand)?
Income Effect, Complementary Goods, Change in Taste, Substitute Goods
What are determinants of demand?
This idea says that equal voting opportunity and access to political office would alleviate many of the conflicts between employers and workers.
What is classical liberalism?
This government agency was created to insure personal bank accounts.
What was the Federal Deposit Insurance Corporation (FDIC)?
A result of an unfettered free market, this occurs when a company owns virtually all of an industry.
What is a monopoly?
This describes a good or service that is not very sensitive to changes in price or income.
What is inelastic?
Revolutionary, Socialist, Communist
What are the Marxist phases of communism?
This theory held that there was a fixed amount of wealth in the world, and it was contrary to the idea of free trade.
What is mercantilism?
This economic theory says that the government should help stabilize the economy through taxes, public works projects, and government jobs.
What is Keynesian Economics?
A nation or business who can produce a product more efficiently or cheaper than another has this.
What is a comparative advantage?
This occurs when a factor other than price suddenly increases or decreases the demand for a good, and it is shown by a shift in the demand curve.
What is a change in demand?
Civilian Conservation Corps, Glass-Steagall Act, Wagner Act, Tennessee Valley Authority
What were some New Deal programs?