Supply and Demand
The amount of a good or service that producers are willing and able to offer for sale during a given period of time.
What is supply?
An economy with purely private ownership which operates according to the laws of supply and demand.
What is a free market economy?
Henry Clay's proposal to tie the country together with roads and canals.
What was the American system?
Money loaned to rebuild European nations after World War II was part of this.
What was the Marshall Plan?
Mao's plan to modernize the Chinese economy which led to widespread famine.
What was the Great Leap Forward?
The amount of a good or service that consumers are willing and able to buy at different prices during a given time period.
What is demand?
An economy in which all economic decisions are made by the government.
What is a command economy?
The robber baron who built a steel empire in Pittsburgh during the Gilded Age.
Who was Andrew Carnegie?
Ronald Reagan's economic philosophy.
What was trickle-down economics?
Also known as the "Sayings of Chairman Mao" this object was waved by fanatical students during the Cultural Revolution.
What was the Little Red Book?
When there is an increase in supply, this happens to the price and the quantity.
What is price falls and quantity rises?
This ruthless dictator was able to industrialize the Soviet Union by using a command economy.
What was Joseph Stalin?
The journalists who found problems with big businesses during the Progressive Era.
Who were the muckrakers?
These individuals let their hair grow long and shaggy, moved to San Francisco, and preached "peace and love" during the 60s.
Who were the hippies?
This man took over after Mao and modernized China's economy.
Who was Deng Xiaoping?
This is the official name for the point where supply and demand intersect.
What is the point of equilibrium?
The two sectors in a mixed economy.
What are public and private?
This American president said "the business of America is business" during the Roaring Twenties.
Who was Calvin Coolidge?
The economic trouble that occurred in the late 90s and early 2000s.
What was the Dot Com bubble?
The crime that Xi Jinping accused members of the Communist Party with in order to remove them.
What is corruption?
When demand rises, this happens to price and quantity.
What is price rises and quantity rises?
The five Nordic countries which are models of mixed economies.
What are Sweden, Finland, Norway, Denmark, and Iceland?
The makeshift hovels that unemployed people lived in during the Great Depression were derogatorily called these.
What are Hoovervilles?
The economic malaise of the 70s was due to this mixture of high inflation and high unemployment.
What was stagflation?
Before Xi returned to Beijing, he served in this city, where he led a major anti-corruption campaign.
What is Shanghai?