Crash Course Economics 17: Wealth Inequality

Question 1

Economic system in which most of the means of production are privately owned rather than by the government. Profit!!!!!

Accepted Answer

Capitalism

Question 2

What Revolution helped cause income inequality?

Accepted Answer

Industrial

Question 3

This is a condition that exists when the demand for a good, service, or resource is greater than the supply.

Accepted Answer

Scarcity

Question 4

The rivalry that exists among businesses selling similar products

Accepted Answer

Competition

Question 5

A blend of the capitalist system of free enterprise economy and traditional

Accepted Answer

Mixed

Question 6

What has been replacing Unskilled workers for years?

Accepted Answer

Technology

Question 7

Noninterference; used in government and economics to mean a minimum of government regulation/ Hands Off!

Accepted Answer

Laissez-faire

Question 8

economic condition in which a government spends more budget funds on military rather than on food or basic needs

Accepted Answer

Guns or Butter

Question 9

What two global regions have a majority of the World’s wealth?

Accepted Answer

North America/Europe

Question 10

Real difference between real distribution of income and equal distribution of income is called?

Accepted Answer

Gini Index

Question 11

Actions performed for the benefit of one or more other people, such as, haircutting, teaching, and nursing.

Accepted Answer

Services

Question 12

What are the 2 types of Economic inequality?

Accepted Answer

Wealth/Income

Question 13

What is the problem with a Capitalist Economic System?

Accepted Answer

If Rich-Then Poor

Question 14

What is the political effect of income inequality?

Accepted Answer

More $=More Political Power

Question 15

Merchandise that is produced and which is then offered for sale to the consume.

Accepted Answer

Goods

Question 16

What are some of the possible answers to income inequality?(MORE THAN 1 ANSWER)

Accepted Answer

Education, Tax Reform, Higher Minimum Wage

Question 17

Over the last 20 years what has happened to the income of poorer people?

Accepted Answer

Gone Down

Question 18

Money, tools, buildings, and inventory used in the production of consumer goods and services

Accepted Answer

Capital

Question 19

What is a tax system that requires more to be paid as income grows?

Accepted Answer

Progressive Tax

Question 20

The process by which an individual or business produces a single product or a very narrow range of products.

Accepted Answer

Specilization

Questions 20