Term
| Adam Smith wrote what in 1176? |
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Definition
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Term
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Definition
• Adam Smith promoted this concept, meaning that people will make choices that will give them the greatest amount of satisfaction at a particular time based on the information they have at their disposal at the time.
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Term
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Definition
It assumes that individuals choose the best action according to stable preference functions and constraints facing them.
ex: choosing either coke or pepsi |
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Term
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Definition
Sometimes we consume because of STATUS.
ex: Paris Hilton and her new clothing line
• A means to distinguish between the rich and the poor.
• The haves and the have nots.
• The Jones and the folks trying to keep up with the Jones.
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Term
What was the US population in 1776?
What about today? |
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Definition
in 1776: population was 2.5million people
TODAY: population is 300 million
in 1776, mostly people were rural dwellers with alot of freedom and independence
BY 1890, 40% of the pop. had moved to cities, less control over production of goods. |
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Term
| What was the consumer movement? |
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Definition
Policies aimed at regulating products, services, methods and standards of manufacture, selling,
advertising in the interest of the buyer.
-Consumer activists demanded safe, reasonably priced, and accurately labeled products, along
with the right to complain and be satisfied with products. |
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Term
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Definition
Is defined as a persistent market situation where there is only one provider of a product or
service, in other words a firm that has no competitors in its industry.
- Monopolies are
characterized by a lack of economic competition for the good or service that they provide and a
lack of viable substitute goods.
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Term
What were some monopolies during the 1880s?
what about today? |
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Definition
- Railroads (Pacific Railway Company)- people had to be railroaded into using certain lines
- Telephones (American Bell Telephone)
--Today: Charter..no other options |
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Term
| What is bad about monopolies? |
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Definition
• Do not protect consumers
• Take choice out of consumer’s hands
• Do not have to provide good/safe/equitable products… |
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Term
| Why do we protect consumers? |
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Definition
In simple terms, consumer protection seeks to identify and address bad goods, bad services, and
unfair practices for consumers because some consumers cannot protect themselves.
o Ex. Salmonella was found in peanut butter so there was an immediate recall. |
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Term
| What are some examples of at-risk consumers: |
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Definition
• Elderly --b/c they are gullible
• Youth --not enough knowledge
• Poor --at risk people targeting other at risk people
• Rich -- ex: oprah. poor people ask for their money
• Who else? |
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Term
| How do we protect consumers? |
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Definition
• Through Consumer Policies
-- Government sponsored policies.
• Through Education
-- Education is a key tool to prevent consumer injury.
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Term
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Definition
• Federal Trade Commission- FTC
• Consumer Product Safety Commission- CPSC
• Department of Consumer Protection
o All of these are government agencies |
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Term
| What is Ralph Nader known for? |
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Definition
"unsafe at any speed"
- Detailing his claims of resistance by car manufacturers to the introduction of safety features
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Term
| What is Esther Peterson known for? |
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Definition
• Workers’ rights
• Equal pay for equal work
• Truth in advertising
• Nutrition labels and “sell before” labels for food products. |
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Term
What is the difference between
"economic regulations" and "social regulations" |
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Definition
economic: regulate the price, entry, exit, & service of an industry.
ex: gasoline, and long distance telephone prices
Social: address health, safety, employment fairness, environmental quality, and
other non-economic questions.
ex: job discrimination and clean water/air acts. |
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Term
| Where was the first womens rights meeting in the US? |
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Definition
held at Seneca Falls, NY in 1848, itself
followed several decades of a quietly-emerging egalitarian spirit among women
because Young teacher Susan B. Anthony asked for equal pay for women teachers in 1837 |
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Term
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Definition
Became focused on woman suffrage. She helped to found the American Equal Rights Association
in 1866 |
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Term
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Definition
| First woman in MA to achieve college degree, first woman to marry and keep her own last name |
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Term
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Definition
When she married abolitionist Henry Brewster Stanton in 1840, she’d already observed enough
about the legal relationships between men and women to insist that the word obey be dropped
from the ceremony |
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Term
| What year was the 19th amendment passed granting woment the right to vote? |
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Definition
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Term
| who was the first women to run for president |
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Definition
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Term
| How did the childrens rights movement start? |
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Definition
| in the 1880s with the orphan train. |
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Term
| what state required children to attend school? what year? |
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Definition
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Term
| Importants dates for CHild labor reform |
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Definition
hild Labor reform and the US Labor Movement
• 1832: New England unions condemn child labor
• 1836: First state child labor law
• 1842: States begin limiting children’s work days (10 hours only)
• 1881: Newly formed AFL supports state minimum age laws (14 yrs) |
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Term
| What year did legislature set the max hours of labor for children to work a week to ___ hrs? |
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Definition
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Term
| What year was the federal regulation of child labor acheived? |
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Definition
| acheived with the fair labor standards act in 1938 |
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Term
| who invented coke as a headache cure? |
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Definition
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Term
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Definition
American journalists, who attempted to expose the abuses of business and the corruption in
politics. The term derives from the word muckrake used by President Theodore Roosevelt in a
speech in 1906, in which he agreed with many of the charges of the muckrakers but asserted that
some of their methods were sensational and irresponsible |
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Term
| President Theodore Roosevelt |
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Definition
o Threw support behind Meat Inspection Act
o Champion of Consumer Rights
o Made price fixing and monopolies illegal
o Used Sherman Anti-Trust Act to prevent monopoles
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Term
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Definition
o “ The Jungle” fictional expose of the working conditions of Chicago meat packing houses
o Nauseated readers |
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Term
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Definition
o Address the issues of railroad abuse and discrimination
1887 |
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Term
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Definition
Prohibits trusts (concentration of economic power in large corporations)
1890 |
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Term
| Pure Food And Drug Act; Meat Inspection Act |
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Definition
1906
Ended by: Economic hardship, World War I
"upton sinclair" |
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Term
| 1933--100,000,000 guinea pigs |
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Definition
Its central argument propounds that the American population is being used as guinea pigs
in a giant experiment undertaken by the American producers of food stuffs and patent
medicines and the like |
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Term
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Definition
English economist who published The General Theory of Employment, Interest and Money.
-believes that entrepenuers should create jobs and if not the govt should by flooding the economy with money. |
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Term
| American Chamber of Horrors |
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Definition
| 1936--FDA exhibit of unsafe cosmetics and foods |
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Term
| The Elixir Sulfanilamide disaster |
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Definition
1937--caused mass posioning in the US.
capsule form of the medicine was safe, but not the liquid form.
-maufactures now had to test drug safety of their product. |
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Term
when was the lowest point in the depression?
when did the stock market crash start? |
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Definition
1933,
stock market crash in 1929 |
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Term
| When was Teddy Roosevelt president? |
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Definition
1933-1945
-New Deal
-Philosophy opposite of Adam Smith
- Fair Labor Standards Act (44 hrs/week) |
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Term
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Definition
-book: The Affluent Society
-called for less emphasis on production and more on public service |
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Term
| When did WWII take center stage? |
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Definition
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Term
| When did consumption skyrocket? |
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Definition
After WWII.
-high demand for major appliances such as washers, dryers, refrigerators, tvs |
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Term
| When was the First, Second, and Third eras? |
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Definition
first: late 1800s-early 1900s
second: 1920s-1960
third: 1960s-70s |
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Term
| What is the US govt agency responsible for the safety of most product? |
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Definition
The Consumer Product Safety Commission (CPSC)
-estb. in 1973
-does NOT have authority over food, drugs, or vehicles. |
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Term
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Definition
-charged with ensuring that processed food, drugs, medical devices, and cosmetics are safe, wholesome, and effective
-can criminally prosecute businesses.
-must approve all new prescription drugs. |
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Term
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Definition
-book: The Slient Spring
-inspired public concerns with pesticides and pollution of the environment |
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Term
Two different economic theories
1. adam smith--invisible hand
2.john maynard keyes--govt intervention if entreprenuers wont |
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Definition
adam smith: free exchange
john maynard keyes: govt intervention |
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