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27 Cards in this Set
- Front
- Back
Suply side economics |
when supply controls demand |
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Says law |
supply controls demand |
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Trickle down economics |
people thought when rich spends money the poor will get money |
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Good Buisness climate |
competition , profit, when your business is doing good |
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Keynesian economics |
the opposite of says law when demand controls supply |
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Laffer curve |
when increasing tax rates to revenue at a certain point before revenue declines |
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Multiplier Effect |
The money supply increases as banks are able to lend more money. |
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GDP=C+I+G+(X-M) |
c= spending by Consumers I= Investing by business G=Government spending X= Exports M=imports
GDP= the nations total value |
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Fiscal and Monetary Policy |
Fiscal= Tax policy Monetary= Banks policy |
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Stagflation |
when inflation and unemployment both rise |
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Twin Deficits |
the link between countries account balance and governments budgets balance. |
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GATT |
signed in 1947,general agreement on tariffs and trade |
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WTO= World Trade Organization |
only global international organization dealing with the rules of trade between nations. |
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Mixed Economy |
The mixture of capitalism and socialism |
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Race to the Bottom |
High wages and low ages will eventually meet, with high wages falling more than lower wages rise |
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Great Society Programs |
Lyndon B. Johnson, the goal was to eliminate poverty and racial injustice |
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Harlem Riots (1964) |
6 nights of rioting in Harlem after a 15 year old shot and killed by police leutinenet |
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New Deal |
FDR plan to get united states out of great depression |
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Glass stegal act (1933)FDIA- federal deposit insurance act |
the balance between banks and security firms. |
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National Recovery Act (1933) |
The authorized president to regulate industry |
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SEC (1933) securities and exchange commision |
enforces federal security laws |
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Social security act (1935) |
set up the social security system, by allowing retired people to get check , people pay social security tax and when they retire they get money. |
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National Labor Relations act (1935) |
guarantees that employees can create unions. |
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Stagnation and declined theories |
1. economy is at a stand still 2.like a depression |
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Fair Labor Standards Act (1938) |
introduced minimum wage 8 hour a day work |
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Graham -leach Bliley (1999) |
repealed parts of the glass stegal act |
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Full employment act |
formalized the economic policy process because it was unorganized so they put it together. |