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In economics, a deficit is best described as __________
In economics, a deficit occurs when the amount of money being spent (expenditures) exceeds the amount of money being collected (revenue) over a given period of time.
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The Spanish colonial system of awarding a portion of the native population to an individual Spaniard, effectively enslaving the Native American population, is called __________.
The Encomienda System was established by the Spanish in the New World chiefly to facilitate the abuse of the Native American population as a source of labor. A Spanish official was granted the right to effectively own a portion of the native population and was free to force them into whichever form of labor was most immediately profitable, at the expense of millions of native lives. In exchange, the Spanish official was supposed to indoctrinate the native population into the Christian faith.
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The New Deal domestic reforms took place during the Presidency of __________
When Franklin D. Roosevelt assumed the Presidency in 1932 America was at the height of the Great Depression. He instituted a massive and sweeping series of programs designed to extend social security to a much larger proportion of the population and to rescue the economy. Collectively this series of programs is called the New Deal. Historians disagree about the success of these programs, but what is clear is that they dramatically changed the responsibilities and duties of the United States government.
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Which of these writers is often described as “the father of modern economics”?
Adam Smith is often referred to as “the father of modern economics” for his writings on laissez-faire and free market capitalism. Smith argued in The Wealth of Nations that the government should try and avoid interfering in the economy and that the economy should be almost completely unregulated. His writings and ideas remain deeply influential.
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