View
- Term
- Definition
- Both Sides
Study
- All (35)
Shortcut Show
Next
Prev
Flip
Final Study Guide
Say's Law |
supply creates its own demand |
real business cycle theory |
the economic theory that emphasizes how innovations to technology can cause fluctuations in economic activity |
Efficient Market Theory |
the market is all knowing, so the buyer can't beat the market; from past able to predict the future |
Rational Expectations Hypothesis |
most people act rationally, they will police themselves |
Free trade: |
the movement of goods and services among nations without political or economic barriers; competitive advantage |
supply-side economics |
a school of economics that believes tax cuts can help an economy by raising supply |
Market fundamentalism |
the idea that markets are best left unregulated to maximize efficiency |
neo classical economics |
- this sort of rationality is seen as a natural characteristic of human beings acting
under economic constrains. |
Aggregate demand and aggregate supply model |
A model that explains short-run fluctuations in real GDP and the price level. |
Keynesian Economics |
Economic slumps are caused by inadequate spending and they can be mitigated by government intervention. |
bureaucratic model |
a model of policy-making that holds that bureaucracies play a crucial role in making policy because of their commitment and the expertise they can provide |
elite model |
a view of society as being ruled by a small group of individuals who share a common set of political and economic interests. |
iron triangle |
a close relationship between a legislative committee, an executive committee, and an interest group |
Revolving door |
The tendency of public officials, journalists, and lobbyists to move between public and private sector (media, lobbying) jobs |
agency capture |
term used to describe when an agency seems to operate for the benefit to those who, its supposed to regulate |
Disadvantages of Multiparty system |
not enough support for one party, smaller parties have too much power |
Advantages of Multiparty System |
rare that one party has an outright majority, voters have more choice, escape from conservative-liberal gridlock |
Advantages of a Two Party System |
more political stability |
Disadvantages of a Two Party System |
extremes, gridlock |
Incrementalist |
believes in respecting past court decisions |
Restorationists |
follow what the framers of the constitution intended |
Why are oil prices going up? |
-demand is increasing
-supply is flat
-speculation
-international conflict |
Public Utilities Regulatory Act of 1978 (PURPA) |
Made utilities pursue cleaner energy; purchase electricity produced by cogenerators |
Decoupling |
the place where inventory is positioned to allow processes or entities in the supply chain to operate independently |
Lost Revenue Adjustment Mechanism |
attempts to determine the portion of lostrevenue that results only from a successful energy efficiency program |
Energy Efficiency Utilities |
Take conservation responsibilityaway from shareholder utilities |
smart grid |
deliver elasticity using two-way digital technology; connect a bunch of microgrids |
American Recovery and Reinvestment Act |
cash for wind power; created green jobs |
Storage Act |
seeks to make energy storage technologies |
Drivers for Extinction |
-habitat loss
-overharvesting/hunting
-bioinvasion
-climate change
-pollution |
Pluralism |
The diffusion of power among many interest groups that prevents any single group from gaining control of the government; leaves no one happy |
Hyperpluralism |
competition between interest groups causes political paralysis |
7 Energy Science Focuses |
1. solar electricity
2. extreme materials
3. batteries & storage
4. efficient building
5. fuels from sun
6. smart grid
7. nuclear |
feed in tariffs |
regional or national electricity utilities are obligated to buy renewable electricity at above market rates set by the government |
Smart grid - Why? |
active consumer participation; isolate problems; real time pricing |