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14 Cards in this Set
- Front
- Back
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Economic freedom |
To make your own choices and succeed or fail at your own risk |
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Economic equality |
Sharing success or failures as a society |
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Why do left-leaning democracies want to reduce economic inequality |
Bc they believe that wealth created in society should be shared more equitably among the members of society and it may reduce tension and conflict between different classes in society |
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Two reasons groups on the political right favour less government intervention in economy |
Bc people have different talents that are valued to a greater or lesser in a free market economy. And competition between individuals can lead to economic prosperity |
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How does command economy answer the 4 economic questions |
1. What will be produced? The government decides through study and planning what the needs of society are. Individual consumers aren’t priority 2. How will goods and services be produced? The government of the public owns the factories, resources, and all means of production 3. To who will good and services be distributed? The government controls distribution according to people’s needs, and this promotes economic equality 4. Who will make these decisions? The leaders and their planning group (the central planners) determine the needs of the society and create, implement, and assess the plan |
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Benefits and drawbacks of command economy in cuba |
Don’t get high income, nor have been able to buy many products, but their quality of life is good |
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How does self interest and liberalism benefit society- Jim person |
Bc to improve your own life each individual must also improve the lives of others |
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Intention of equality of opportunity |
Everyone is treated equally and given equal opportunities |
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Intention of affirmative action |
Favouring individuals belonging to groups known to have been discriminated against previously |
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How’d Great Depression play a role in creation of mixed economy |
Mixed economy came bc of the widespread poverty, unemployment, and desperation caused from the Great Depression |
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Fiscal policy |
During inflation (a boom), governments can spend less money and raise taxes to leave less money in peoples pocket |
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Monetary policy |
During a recession, governments can spend more money and reduce taxes, there’s often leaving more money in peoples pocket to soend |
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How does Canada approach ideas of economic equality |
Progressive taxation: a persons tax rate increases as his or her earnings increase. This aims to loosen the burden of taxation on those who have lower incomes |
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Random graph you should know |
Back (Definition) |
