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27 Cards in this Set
- Front
- Back
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Philips Curve
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A Graph that shows inflation and unemployment are inversely related
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Keynesian Fiscal Policy
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Government should invest in infrastructure
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Keynesian monetary policy
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reduce interest rates
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reaganomics and supply side
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major assumption is trickle down theory. Tax cuts to the rich. IT FAILED
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Laffer curve
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Shows that higher taxes may reduce revenue by discouraging the economic activity that is taxed
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Laffer curve
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budget-single year, national-accumulation of budget
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OSHA
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Occupational safety and health administration. Implemented laws for safe working conditions.
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National Labor Relations Act
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Guarantees rights for unionization
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Taft HArtly act
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restricts the activities and power of unions. The labor management relations act
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Collective bargaining
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process of negotiations between employers and employees. Union.
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Wage Price Spiral
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restricts the activities and power of unions. The labor management relations act
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Structural unemployment
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Enough openings, lack skills/location
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Market Price
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economic price for which a good/service is offered in the market place. Think Seafood/
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Elasticity of demand
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measure of responsiveness to the quantity. High E-Privilege. Low E-needed
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Classical demand pull inflation
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Pulls the prices up. Too much money chasing too few goods.
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Classical market driven unemployment
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People who want to work but can't because of economic stagnation. Market prevents them from working.
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Assumptions underlying classical market theory
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Free market will regulate itself. Assumptions: 1. Flexible Prices. Market is able to adjust quickly and efficiently. DEmand down, producation down, surplus labor, unemployment. 2. Say's Law. Production of goods in the economy will equal income. Surplus supply with no demand=lose money. 3. Savings investment quality- Household savings match investment expenditures on capital goods by the business sector.
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Trickle down V Percolate up
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Trickle- Tax cuts to the rich so they can have more money to invest
Percolate- Every single dime is spent by middle class wage earners. |
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Hard core unemployment
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Unemployed for a long time. No benefits and lack of skillz
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Social Security
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Not enough money in budget
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veblen's theory of the leisure class
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Leisure class participates in economically wasteful activities.
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Trickle down V Percolate up
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the spending of money to display wealth
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The poor
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make less than 22,000. But they have AC, cable, car, computer and own their house.
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Feminization of poverty
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Majority of poor households are headed by a women. Single moms owning it!
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entitlements and incentives
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Entitlements-everyone is entitled
Incentives- lack of incentives allows people to cheat the system. SS |
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PRWORA and TANF
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Encourages employment among the poor
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Qaly
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the spending of money to display wealth
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