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Cards In This Set
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What is capitalism?
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-An economic system in which individuals and corporations, not the government own the principle means of production and seek profits.
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What is a mixed economy? (America's Economy)
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-An economic system in which the government is deeply involved in economic decisions through its role as regulator , consumer, subsidizer,taxer,employer, and borrower.
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What are multinational corporations?
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-Businesses with vast holdings in many countries, any of which have annual budgets exceeding that of many foreign governments.
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Who is known as the father of the American Economy?
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-Alexander Hamilton (first U.S. secretary of the treasury) Mixed economy was mainly founded off of Hamilton's beliefs.
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What is the Securities and Exchange Commission?
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-The federal agency created during the New Deal that regulates stock fraud. **Regulates the stock market.
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How does the government affect a company's labor practices?
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-They set minimum wage
-Give people the right to join a labor union. -Working conditions and hiring practices. |
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What is minimum wage?
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-The legal minimum hourly wage for large employers.
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What is a labor union?
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-An organization of workers intended to engage in collective bargaining.
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What is collective bargaining?
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-Negotiations between representatives of labor unions and management to determine pay and acceptable working conditions.
**All negotiations under rules controlled by the National Labor and Relations Board. |
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What is a "living wage"?
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-The lowest income necessary to support a family above the poverty line.
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Is it Ok for a company to discriminate against younger workers?
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-Yes, ADEA favors old over young. SC decided so in the case General Dynamics Land Systems Inc. V Cline Case.
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What is "comparative advantage"?
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What do economic conditions affect?
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-Voters behavior
-presidential approval Called "pocket voting" |
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What type of voting do most voters engage in?
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-"sociotropic" voting, where educated voters look at employment and unemployment rates as a whole rather than their own circumstances.
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What type of people vote for what type of presidents?
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-People who think they and their family are doing well vote for the incumbent, and those who think they are not benefiting vote for someone new.
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