Economics

What is lassiez-faire capitalism

• An extreme form of capitalism in which there is no government role or intervention in the economy

• A form of socialism in which government owns nearly all property and industry

• A mixed economy with some government regulations and subsidies

• A form of capitalism in which government gives subsidies and tax breaks to the richest people and corporations

What is socailism

• An economic system in which individuals own the property, industry, and the means of production

• An economic system in which all property and industry is distributed evenly amongst the population

• When the government does stuff

• An economic system in which all property and industry is owned by the government

What is the social market economy (Rhine Capitalism)

• The idea that taxation should correlate with a persons income, or that richer people should pay higher taxes

• A free market economy with government regulations, subsides, and welfare programs

• A network of trade and businesses situated on the Rhine River in Germany

• A free market economy with minimal government intervention in labour, taxation, and business

What is Keynesianism?

• Ideas popularised by John Maynard Keyens that support government investment into the economy to stimulate it

• Ideas popularised by John Maynard Keyens that support minimal government intervention in the economy

• The concept relating to what degree taxation rates have on overall government revenue

• The idea that the key industry should be the dominant industry in the economy

Trickle down economics states that _________ rich people will result in prosperity for everyone because the rich _____ their money

• Taxing, save

• Subsidising, burn

• Giving tax breaks to, spend

• Eating, no longer possess

What is the multiplier effect

• The theory that as soon as money is spent once, it adds no additional value to the economy

• The theory that an original increase in spending will result in a greater increase in economic output because part of the original money was spent again

• A phenomenon created by scientists that states when cloning occurs, the clones will create more clones by themselves, resulting in an apocalypse

• An economic system in which all property and industry is collectively owned by everyone in society

What is the laffer curve?

• A theory that states a 100% income tax rate results in the most amount of money being collected by the government

• A theory that attempts to explain how long people can laugh before they find everything unfunny

• A theory which attempts to find the optimal income tax rate that collects the most government revenue

• The theory that no matter what the income tax rate is, the amount collected by the government will always be the same

What is Diminishing Returns

• The theory that an increase in workers will result in a linear increase of output

• The theory that the relationship between workers hired and output is exponential

• The effect in which you keep getting served less and less food each time you order the same item at a restaurant

• The theory that the relationship between workers hired and output is reverse exponential

This is a poll: How well do you think you grasp the concepts and theories I have explained in my lesson

• I understand everything

• I understand most of it

• I understand some of it

• I have learned nothing

Are there any economic-related topics you want to learn about? If so please write it down and I will include it in my next lesson