Social 30 Economics

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Across
  1. 5. a practice where the government spends more money than they are in possession of or receives in revenue. This action is usually provided by the government when society is facing a recession.
  2. 6. (two words) a political ideology that enforces the idea of human rights and liberties, as well as full economic freedom. This means that a society with this system condemns government intervention on the economy.
  3. 7. (two words) set of laws a nation follows in order to regulate flow of money, i.e. the interest rates and value of money in a country.
  4. 8. amount of money borrowed or owed. Governments suffer from this when they have no money to provide for the country or when facing a recession.
  5. 11. (two words) a type of government regulation where the government acquire money from the people depending on their income, i.e. more money will be obtained from the rich in order to provide for the poor; Robin Hood
  6. 13. (two words) the unequal distribution of wealth between social classes and duties.
  7. 15. last name of a former female prime minister of the UK. Firmly believed in trickle down economics as well. She sold off public property and reduced welfare benefits.
  8. 16. (two words) mainly associated with Robert Owen, an ideology that advocates for a perfect society where poverty is eradicated. The proletariat has control over the economic and political system.
  9. 18. (two words) emphasizes the equal distribution of wealth in a society through the process of progressive taxation.
  10. 20. (two words) established by FDR, it is a multiple of measures to help American citizens to cope and rise back from the adversities of the great crash. Notable measures include the three R’s and alphabet agencies.
  11. 22. (two words) the use of government revenue relating to the spending and tax rates of an economy. This policy is closely looked upon within Keynesian economics.
  12. 23. a situation where a person is unable to find a job and cannot find a sustainable form of income/wage. This tends to increase during times of recession and decrease during times of prosperity.
  13. 24. although there is the presence of inflation, unemployment rate appears to be high and economic growth declines due to lack of consumerism.
  14. 25. (two words) a time preceding the roaring twenties where the US experienced an economic crash that led to high rates of unemployment and low levels of revenue or economic prosperity. This event affected the whole world too, and was only over due to the rise in economy in World War II.
Down
  1. 1. (three words) also known as supply side economics, this right-wing theory admonishes government intervention instead. It believes that the invisible hand will maintain economic stability and prosperity.
  2. 2. (two words) an economic system that focuses on the wellbeing of its people. A government that adopts this system still believes in the idea of private ownership and individualism, but it will prioritize protecting its people with social programs.
  3. 3. (two words) also known as demand side economics, this left-wing theory advocates for government intervention in the economy increase in government spending, lower taxation and interest rates during recession, while doing the opposite in times of inflation.
  4. 4. last name of the 40th president of the United states. Formerly an actor, he joined the republican party and later got elected in 1981. Was a believer of trickle down economics.
  5. 9. (two words) a collection of regulations and programs FDR set up during his New Deal, notable for their acronyms, e.g. AAA, CCC, FERA, WPA, or NRA.
  6. 10. acronym of the 32nd president of the united states. Succeeding Herbert Hoover, this president established the new deal in response to the great depression.
  7. 12. (two words) an economic system in which some government intervention is implemented in order to combat unequal distribution of wealth. Although there is a free market economy, the government is allowed a limited amount of regulation in regards to fiscal policies and economics laws such as minimum wage. Sweden adopts this type of economy.
  8. 14. (two words) the idea that the economy circles through a boom and bust phase, in which tremendous inflation would eventually lead to recession, and vice versa.
  9. 17. developed by Karl Marx, it is a political and economic ideology that believes in the elimination of social classes. There is a true equal distribution of wealth
  10. 19. (Two words) This motivating factor of capitalism was first developed by Adam Smith. This selfish motivation will promote a better society as others will work harder. For example, when the common person notices that the Rich spend money on luxurious yachts, cars, and homes it motivates the common person to work harder to achieve a better lifestyle.
  11. 21. the economic idea that the government should have no involvement in the market. It is an idea that stems from classical liberalism. “Hands off” the economy!