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27 Cards in this Set

  • Front
  • Back

Suply side economics

when supply controls demand

Says law

supply controls demand

Trickle down economics

people thought when rich spends money the poor will get money

Good Buisness climate

competition , profit, when your business is doing good

Keynesian economics

the opposite of says law when demand controls supply

Laffer curve

when increasing tax rates to revenue at a certain point before revenue declines

Multiplier Effect

The money supply increases as banks are able to lend more money.

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

Fiscal and Monetary Policy

Fiscal= Tax policy


Monetary= Banks policy

Stagflation

when inflation and unemployment both rise

Twin Deficits

the link between countries account balance and governments budgets balance.

GATT

signed in 1947,general agreement on tariffs and trade

WTO= World Trade Organization

only global international organization dealing with the rules of trade between nations.

Mixed Economy

The mixture of capitalism and socialism

Race to the Bottom

High wages and low ages will eventually meet, with high wages falling more than lower wages rise

Great Society Programs

Lyndon B. Johnson, the goal was to eliminate poverty and racial injustice

Harlem Riots (1964)

6 nights of rioting in Harlem after a 15 year old shot and killed by police leutinenet

New Deal

FDR plan to get united states out of great depression

Glass stegal act (1933)FDIA- federal deposit insurance act

the balance between banks and security firms.

National Recovery Act (1933)

The authorized president to regulate industry

SEC (1933) securities and exchange commision

enforces federal security laws

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.

National Labor Relations act (1935)

guarantees that employees can create unions.

Stagnation and declined theories

1. economy is at a stand still


2.like a depression

Fair Labor Standards Act (1938)

introduced minimum wage


8 hour a day work

Graham -leach Bliley (1999)

repealed parts of the glass stegal act

Full employment act

formalized the economic policy process because it was unorganized so they put it together.