laissez-faire non-interference or “hands off” attitude of the government towards business
TRANSCRIPT
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LAISSEZ-FAIRE
Non-interference or “hands off” attitude of the government
towards business
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FREE ENTERPRICE SYSTEM
Economic system in which individuals depend on supply and demand and profit margin to answer the 4 basic economic questions of
“what to produce?” “how to produce?” “how much to produce?” and “for whom to
produce?”
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DEFICIT
Government spending is greater than tax revenues: government spends more than it takes in, case causes
national debt
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SWEATSHOP
A work shop with extremely poor, unsafe, working conditions
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INFLATION
A spiraling increase in the monetary supply and rising prices
is wages and prices
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OVERPRODICTION
Supply of goods is greater than the demand
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UNDERCONSUMPTION
Decrease in demand for goods
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RECESSION
An economic slowdown
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BUYING ON MARGIN
Buying stocks on credit
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DEFLATION
Falling prices and wages along with decrease in the monetary
supply
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RATIONING
Government regulation of the supply of critical goods to people
in times of crisis
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COMMUNISM
An economic system in which the government own the means of
production, individual efforts are not rewarded, workers work for the nation
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MEDICARE
Program under the Social Security Adm. That provides medical care
for the aged
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SUNBELT
Relocation of industries from the US Northeast to the South,
Southeast US
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SUPPLY SIDE ECONOMICS
Belief that a reduction in taxes will stimulate investment and
productivity
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DOLLAR DIPLOMACY
US capitalist (bankers and businessman) invest in Latin
America
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OPEN DOOR POLICY
US insist on equal trading privileges for foreign powers in
China
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DUST BOWL
Area of severe drought during the 1930’s. Area covered portion of 9
states, caused many farmers to leave California
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NEW DEAL PROGRAMS
FDR’s programs of relief, discovery, and reform to end the
Great Depression
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