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25 Cards in this Set
- Front
- Back
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Alan Greenspan - what is the primary reason the US economy achieved the highest standard of living in the World? |
The Constitution |
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Definition of Equilibrium Price |
The point where supply and demand curve crosses or meets |
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Adam Smith - what is the benefits of specialization in producing goods? |
It makes you more efficient if you specialize and you cut costs to increase profit |
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Adam Smith is the Father of____________ |
the Free Market |
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Role of government in a market economy according to Adam Smith |
Provide information Protect Property rights Resolve Disputes Enforce Contracts |
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Difference between the dominance of Rome and the United States |
Rome - Military right (depended on the Legions) U.S. - Strength
Difference is economic power |
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John Steele Gordon - Why was the U.S. able to "weather the storm' of economic crises? |
strong leaders (Washington, Roosevelt, Hamilton) |
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Example of "cultural capitalism" |
Image Certain Brands/names Examples: Starbucks, Nike, BMW
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fundamental problem of the soviet economy regarding the level of production of goods was_____________. |
overproduction Products would "rust" because they produced too much |
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In a slumping housing market, what is the "real" or "true" value of property? |
Whatever people are willing to pay for it |
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Business cycle |
Expansion, more money, sells, employment, peak, decline because expansion has reached it's peak, period of recession, demand starts to rise, expansion.... |
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Who suffers in time of inflation? |
banks fixed income people leanders |
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Who benefits from inflation? |
Real estate Borrowers |
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Tools the Fed use to manage the money supply |
-Open Market operations - buying and selling bonds -Interest rates -Reserve Requirements
-print currency |
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Paradox of Thrift is_________________ |
Spend Money - Don't save too much "One person's money is anothers' income" |
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How do you Measure inflation |
CPI (Consumer Price Index) |
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What is the General thrust of Keynesian Economics? |
Spend the governments money through taxes If you dont have money, borrow it, but use it sparingly |
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Keynes is known for_______________. |
Fiscal Policy |
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What are some actions taken by President Hoover, Congress and the Fed that made the Great Depression worse? |
Decreased money supply during recession Increased regulations Increased taxes Inflammatory/non compassionate actions Increase in protectionist trade policy |
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What is the meaning of Keynes' statement..."In the long run we are all dead." |
it was a response to people who said "the market will solve the problem in the long run."
Lets do something NOW |
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According to Milton Friedman, the Great Depression was the direct result of bungling by what organization? |
Fed - they sat back and didn't do anything because they didn't think it was a real crisis |
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What are the Steps in operating the United Order? |
Consecrate all you have to the system Meet with Bishop and decide what you needs are Stewardship - deed Manage it Account for actions - proceeds (What you produce; what came of your work) Surplus goes to Bishop Retain some of the Proceeds Decide |
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What is required to make the United Order successful? |
change of heart Love God more than money Love your neighbor |
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Who owns the property in the United Order? |
you own some through your stewardship
the bishop owns some of it
God owns it all
*The system DOES NOT own everything!!! |
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Strengths of the United Order |
Reduces poverty
Freedom is maintained
Reduce competition |
