• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

25 Cards in this Set

  • Front
  • Back

Alan Greenspan - what is the primary reason the US economy achieved the highest standard of living in the World?

The Constitution

Definition of Equilibrium Price

The point where supply and demand curve crosses or meets

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

Adam Smith is the Father of____________

the Free Market

Role of government in a market economy according to Adam Smith

Provide information

Protect Property rights

Resolve Disputes

Enforce Contracts

Difference between the dominance of Rome and the United States

Rome - Military right (depended on the Legions)

U.S. - Strength

Difference is economic power

John Steele Gordon - Why was the U.S. able to "weather the storm' of economic crises?

strong leaders (Washington, Roosevelt, Hamilton)

Example of "cultural capitalism"


Certain Brands/names

Examples: Starbucks, Nike, BMW

fundamental problem of the soviet economy regarding the level of production of goods was_____________.


Products would "rust" because they produced too much

In a slumping housing market, what is the "real" or "true" value of property?

Whatever people are willing to pay for it

Business cycle

Expansion, more money, sells, employment, peak, decline because expansion has reached it's peak, period of recession, demand starts to rise, expansion....

Who suffers in time of inflation?


fixed income people


Who benefits from inflation?

Real estate


Tools the Fed use to manage the money supply

-Open Market operations - buying and selling bonds

-Interest rates

-Reserve Requirements

-print currency

Paradox of Thrift is_________________

Spend Money - Don't save too much

"One person's money is anothers' income"

How do you Measure inflation

CPI (Consumer Price Index)

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

Keynes is known for_______________.

Fiscal Policy

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

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

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

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


What is required to make the United Order successful?

change of heart

Love God more than money

Love your neighbor

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!!!

Strengths of the United Order

Reduces poverty

Freedom is maintained

Reduce competition