Economics

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Across
  1. 2. (Two words) - A utopian socialist. During the depression, he did not lay off any of his workers and he showed that there is no excuse for bad working conditions and low wages. He believed that the main way to improve society was to improve their environment. This could happen by providing more opportunities for schooling, housing, hospitals, as well as child-care.
  2. 4. (Two words) - Canada has this service universal and publicly funded, making it free, or almost free to all. In other places such as the states, this service is private, and therefore very expensive, resulting in a decline in people's health and willingness to seek medical help when needed.
  3. 5. (Two words) - This problem arose in 2008. Banks had been lending money to encourage investing and spending on houses, this was because of the vast amount of jobs that would result from building more houses. The banks were failing to look into employment status, credit history and income levels before offering these huge loans which resulted in rising interest rates and eventually falling housing prices. All together this led to a large increase in mortgage foreclosures.
  4. 6. (Two words) - When a government begins to pay out more money than they are getting back. This is typically only used as a means of getting an economy out of a recession. It tends to involve things such as a general increase in government spending to allow for higher job creation, but it also can occur in the form of handouts and benefits such as the CERB fund for the current pandemic. If the government were to continue giving out this fund to the point where they are not collecting an overage in tax revenue, the government is forced to take out loans. This increases the country's overall debt amount.
  5. 9. (Three words) - An economic system revolving around supply and demand in which there is very little to no government control. Often, this goes hand in hand with capitalism, although they are not exactly the same.
  6. 15. (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.
  7. 17. (Two words) - A deal that was introduced after the 1932 election by the new president. It was made up of a series of programs and policies made to try and get the country out of it’s depression. It involved providing the American people with a regained trust and confidence in both their economic and political systems. The three main measures introduced with this act to help deal with the depression were; relief, recovery & reform.
  8. 18. (Three words) - An idea brought about by Milton Friedman. It involved the theory that having the wealthy keep their wealth by having lower taxes, would cause a domino effect throughout the economy and overall help everyone. This was championed by Ronald Reagan and Margeret Thatcher in the 80s. It fell under the idea of Supply-Side Economics.
  9. 20. - Typically, inflation occurs when an economy is booming. However, sometimes it may happen when the economy is in a bust, or just at a standstill. This term is used to describe when the inflation is going up, but the economy is not going up with it, it's stagnated. This occurrence can lead to large economic issues that are hard to come back from as people are buying even less than usual to begin with, and yet inflation is still increasing.
  10. 21. (Two words) - Falls under Supply-Side Economics, and supported by politicians such as Milton Friedman. It involved the lowering of interest rates so that citizens would continue to borrow more from banks, and therefore spending more.
  11. 22. (Two words) - a statement that states all problems are in some way connected to the supply of money. This states that the ways to fix problems within inflation and deflation are opposites; Raise interest rates vs. Lower interest rates, Decrease government spending vs. increase government spending.
  12. 23. - Occurs when the business cycle begins to retract. Often this is caused when consumer spending begins to decrease. It has the potential to lead to or result in a depression.
  13. 24. - An increased role of government with the end goal of making life generally better for the common person. These people came mostly from the educated and middle class, they wanted to ‘fix’ politics. To increase people's general everyday life, they wanted to increase democracy, and therefore involve citizens more directly within the government decision making.
  14. 25. (Three words) - This was a time that came right after a large boom in the 19th century. The biggest problem that led to this time was the Wall Street Crash of 1929, when wall street ‘overheated’ while also dealing with accusations of corruption and insider-trading. This time was also a result of very high wealth inequalities where 40% of the population was living below the poverty line, and the top 5% were earning 33% of the country's overall income. Millions of Canadians and Americans were left with no options of work, and businesses began to struggle to stay afloat.
Down
  1. 1. (Two words) - These people believed in an unrealistic perfect economy and world. Included were; Robert Owen, Charles Fourier.
  2. 3. (Three words) - A fund created by Premier Peter Lougheed in 1976. The three main goals were to save for the future, strengthen & diversify the economy, and improve the Albertan quality of life. In 2006, each Albertain received a cheque of $400 as a result of this fund.
  3. 7. - The reduction or complete removal of government power, within a specific industry. This is used to help improve competition, but it can also help create higher efficiency and lower costs.
  4. 8. (Two words) - This man believed in supply side economics - his own form being known as “Reaganomics”. He advocated for tax reductions, and decreases in government spending.
  5. 10. - The last name of the man who wrote The Communist Manifesto, he believed in everybody being equal. To do this required the government to provide everyone with their basic needs such as food, shelter, and help for their physical and mental needs. It was also a goal to abolish all private property, profit motive as well as crime. He wanted to create a society in which everyone was equal no matter where they came from.
  6. 11. (Two words) - This policy was in effect as a means of helping an economy get out of a depression. It involved lower taxation so that people have more spending money available to them, as well as an increase in government spending. Government spending was beneficial in this case as they would start large-scale projects or build infrastructure, which would provide more people with jobs and therefore more people with spending money.
  7. 12. (Two words) - This man was a counter to Keynes, as he supported supply side economics. His basic principles involved taxing and subsidizing. His theory was in classical liberalism and trusted in the invisible hand to prevent and solve economic cycles.
  8. 13. - This term refers to something we have been experiencing recently with the Covid-19 pandemic. It often results in a bust in the economy as citizens are without money to spend, and are therefore saving as much as they can and only buying the absolute essentials. As a means to temporarily protect the economy while these rates are increasing, government’s will often put out some type of relief fund (such as CERB) or stimulus cheques.
  9. 14. (Three words) - The creator of Alphabet Agencies and the New Deal. He believed that people needed confidence in both their economic and political systems and therefore he added in a series of measures to try and keep people on his side. These included; abolishing Prohibition, Bank Holidays, Removing America from the Gold Standard, etc. He also did not believe in handouts form the government, he wanted people to earn their sense of worth. He served as the president of the United States up until his death in 1945.
  10. 16. (Two words) - Set up by FDR, these things were named as a group based on their shortened acronyms. Included are things such as the Agricultural Adjustment Act, Federal Emergency Relief Administration, and the Civilian Conservation Corps.
  11. 19. - Used specifically in 2008 in terms of the Subprime Crisis. The Big Three; Ford, Chrysler and GM requested these from the government in order to keep their companies afloat and up to par with competition.