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33 Cards in this Set
- Front
- Back
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What is the economy?
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a system of producing and distributing goods and services
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What is a subsistence economy?
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a type of economy in which human groups live off the land and have little or no surplus
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What is conspicuous consumption? Who?
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Thorstein Veblen
a change from the Protestant ethic to an eagerness to show off wealth by the consumption of goods |
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Give some examples of mediums of exchange.
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currency, gold and silver
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Define barter.
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the direct exchange of one item for another
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What is the most common form of money today?
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currency
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What is a deposit receipt?
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a receipt stating that a certain amount of goods is on deposit in a warehouse or bank
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Currency AKA...
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paper money
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What is stored value?
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the goods that are stored and held in reserve that back up (or provide the value for) a currency
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What is the gold standard?
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paper money backed by gold
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What is fiat money?
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currency issued by a government that is not backed by stored value
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What is gross domestic product (GDP)?
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the amount of goods and services produced by a nation
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What is inflation?
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an increase in prices
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What is e-cash?
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digital money that is stored on computers
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What are the two types of e-cash?
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e-currency and e-gold
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What is capitalism characterized by?
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the private ownership of production, the pursuit of profit and market competition
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Laissez-faire capitalism literally means?
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"hands off" capitalism
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What is welfare (or state) capitalism?
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an economic system in which individuals own the means of production but the state regulates many economic activities for the welfare of the population
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What is the current form of US capitalism?
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welfare (or state) capitalism
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What is socialism characterized by?
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public ownership of the means of production, central planning, and the distribution of goods w/o a profit motive
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What are market forces?
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the law of supply and demand
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What is democratic socialism?
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a hybrid economic system in which the individual ownership of businesses is mixed with state ownership of industries thought to be essential to public welfare
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What is the convergence theory?
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the view that as a capitalist and socialist economic systems each adopt features of the other
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What is the result of the convergence theory?
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a hybrid or mixed economic system
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What is mechanical solidarity? Who?
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Durkheim
term for the unity that people feel as a result of performing the same or similar tasks |
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What is organic solidarity? Who?
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Durkheim
interdependence that results from the division of labor, people depend on other to fulfill their jobs |
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What is a corporation?
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a business enterprise often jointly owned whose assets, liabilities and obligations are separate from those of its owners
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As a legal entity, a corporation can...
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enter into contracts, assume debt, sue and be sued
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What is corporate capitalism?
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the domination of an economic system by giant corporations
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What are interlocking directorates?
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the same people serving on the board of directors of several companies
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What is the global superclass?
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a small group of highly interconnected individuals in which wealth and power are so concentrated that they make the world's major decisions
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What is quiet revolution?
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the fundamental changes in society that follow when vast numbers of women enter the workforce
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What is the underground economy?
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exchange of goods and services that are not reported to the government and thereby escape taxation
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