What is fiscal policy?

The use of taxes and government spending to influence the economy.

What is monetary policy?

Central bank actions to control money supply and interest rates.

When government spending exceeds revenue.

When government revenue exceeds spending.

What is the national debt?

The total amount the government owes from borrowing.

What are trade barriers?

Restraints like tariffs, quotas, and subsidies that protect domestic industries.

A tax on imported goods to raise their price.

A limit on the amount or value of imports/exports.

Trade without tariffs, quotas, or subsidies.

What is specialization?

Focusing on producing a limited range of goods to increase efficiency.

What is comparative advantage?

Producing goods with the lowest opportunity cost and trading for the rest.

The rate at which prices rise, reducing purchasing power.

What is cost-push inflation?

Inflation caused by rising production costs.

What is demand-pull inflation?

Inflation caused by demand exceeding supply.

What is price stability?

Keeping inflation low and predictable.

What is purchasing power?

The amount of goods/services one unit of money can buy.

What is sustainability?

Using resources in a way that doesn’t harm future generations.

Turning ideas into valuable goods/services that improve efficiency.

What is an ethical economy?

An economy guided by moral concerns like justice and sustainability.

Wages that reflect labor value and support basic living expenses.

What is economic equality?

Equal access to wealth, resources, and opportunities.

What is worker ownership?

Workers share in ownership and decision-making in a company.

Supporting local businesses and regional supply chains.

What is a classless society?

A society with no economic or social hierarchies.

What is collective ownership?

Shared ownership by a group or community.

What is public ownership?

Government ownership of assets for the public good.

Voluntary exchange of resources for mutual benefit.

What is social capital?

Trust and networks that enable community cooperation.

Unity in pursuit of shared goals or justice.

What is subsidiarity?

Making decisions at the most local effective level.

What is a participatory economy?

An economy focused on democratic participation and equity.

What is participatory governance?

Citizens engaging directly in public decision-making.

What is redistribution of wealth?

Reallocating income through taxes and services.

The ability to grow while maintaining performance.

What are the government's roles in the economy?

Regulator: ensures fair markets, Provider: offers public goods, Stabilizer: uses fiscal/monetary policy, Redistributor: reduces inequality.

What are the pros and cons of trade and specialization?

Pros: Efficiency, comparative advantage, higher output; Cons: Retaliation, loss of domestic industries.

How is inflation managed?

Controlled via monetary (interest/money supply) and fiscal policy (spending/taxes); Balanced to promote growth and stability.

Economics Final Quiz: Economic Growth & Sustainability Concepts Flashcards

Student preview

44 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What are the key qualities of economic growth beyond GDP?

Back

Sustainability, Innovation, and Equity.

2.

FLASHCARD QUESTION

Front

What is a sustainable, ethical economy?

Back

One that balances prosperity with justice and stewardship.

3.

FLASHCARD QUESTION

Front

What is regulation?

Back

A rule or directive made and maintained by an authority, particularly the government.

4.

FLASHCARD QUESTION

Front

What is market regulation?

Back

Government intervention to correct market failures, reduce monopolies, and encourage competition.

5.

FLASHCARD QUESTION

Front

What is fair competition?

Back

A market condition with no unfair advantages and benefits for consumers.

6.

FLASHCARD QUESTION

Front

What is a subsidy?

Back

Financial assistance from the government to promote economic activity.

7.

FLASHCARD QUESTION

Front

What are public goods?

Back

Goods that are non-excludable and non-rivalrous, like street lighting.

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