Names & Concepts

Part A – Names & Concepts 1. Good society​ → A society organized to promote people’s well-being, fairness, security, and quality of life. 2. Shareholders as toxin​ → The idea that focusing only on shareholder profit can harm workers, communities, and society. 3. Corruption​ → The misuse of power or public office for private gain. 4. Counter-cyclic spending​ → Government spending more during recessions and less during economic booms to stabilize the economy. 5. Neo-liberalism​ → An economic and political approach that favors free markets, privatization, less government regulation, and lower public spending. 6. Milieux (plural of milieu)​ → Social environments or settings that shape people’s values, beliefs, and behavior. 7. Liberalism​ → An ideology that emphasizes individual rights, freedom, democracy, and equality before the law. 8. Cycle of inquiry​ → A method of learning that involves observing, asking questions, researching, analyzing, and drawing conclusions. 9. Invisible hand​ → The idea that individuals pursuing their own self-interest in markets can unintentionally benefit society. 10. Utilitarianism​ → An ethical theory that says actions should aim to produce the greatest happiness for the greatest number. Part B – Terms & Concepts 1. Free trade​ → Trade between countries without tariffs, quotas, or major restrictions. 2. Conflict model​ → A view of society that focuses on inequality and power struggles between groups. 3. Indicators​ → Measures used to evaluate social or economic conditions (for example income, health, education). 4. Welfare​ → Government programs that support people’s basic needs and well-being. 5. Functional integration​ → The idea that different parts of society and the economy work together to maintain stability. 6. Sell in market​ → To exchange goods or services for money through market transactions. 7. Mainstream​ → Ideas or practices that are widely accepted by most people in society. 8. Greatest good​ → The outcome that benefits the largest number of people. 9. Variety of capitalism​ → The idea that capitalism exists in different forms across countries (not one single model). 10. Emerging markets​ → Countries with fast-growing economies that are becoming more integrated into global markets. Part C – Multiple-Choice Terms 1. Regulation​ → Rules made by governments to control or guide business and market behavior. 2. Externalities​ → Costs or benefits of economic activity that affect others who are not directly involved. 3. CSR (Corporate Social Responsibility)​ → A company’s responsibility to act ethically and consider social and environmental impacts. 4. Left wing​ → Political views that generally support greater equality and stronger government involvement in social and economic issues. 5. Economics​ → The study of how societies allocate scarce resources. 6. Feudalism​ → A historical system where landowners controlled land and peasants worked it in exchange for protection. 7. Adam Smith​ → A major early economist who argued for free markets and introduced the idea of the invisible hand. 8. Capitalism​ → An economic system based on private ownership, markets, and profit. 9. Utilitarianism​ → The ethical idea that actions should maximize overall happiness. 10. Neo-liberalism​ → An approach emphasizing free markets, reduced government intervention, privatization, and competition. Part D – Fill-in-the-Blanks Terms Corporate social responsibility (CSR)​ → Businesses taking responsibility for their social, environmental, and ethical impacts. Shareholder value revolution​ → The shift toward running companies mainly to increase shareholder profits. Co-ordinated market economy​ → An economy where firms, unions, and governments coordinate closely (for example through long-term relationships). Liberal market economy​ → An economy where competition and markets mainly coordinate business activity. Managerial revolution​ → The shift from owners running companies to professional managers controlling large firms. Corporate revolution​ → The rise of large corporations and modern corporate structures in the economy. Utilitarian​ → Based on the principle of achieving the greatest happiness for the greatest number. Social justice​ → Fairness in how society distributes opportunities, rights, and resources. Rights​ → Basic legal and moral entitlements people have. Limited liability​ → A rule that limits how much money investors can lose to the amount they invested in a company.