Wealth of nations smith Samenvattingen, Aantekeningen en Examens

Adam Smith CORRECT ANSWER Considered to be the founder of ecomonics Wealth of Nations CORRECT ANSWER published in 1776; analysis of a market economy Equity CORRECT ANSWER society wants distribution of goods and services to conform with the notion of "fairness". Classical, Keynesian,Monetary,and Neoclassical CORRECT ANSWER The four general view points about the workings of markets is? Microeconomics CORRECT ANSWER The study of the individual parts that make up the economy, includes ...

BSNS113 Latest 2023 Rated A+ economics study of how resources are managed in society scarcity limited means but unlimited wants three economic questions What to produce? How to produce? For whom to produce? incentives people react to changes in their economic environment. Changes in price or incomes cause people to act differently economic costs opportunity cost. The total net value of the next best alternative forgone when making a decision. Opportunity cost formula OC of activity A = tota...

state autonomy is - Answer- the ability of the state to wield power independent of public and international actors Which of the following combinations of capacity and internal autonomy best fits the United States - Answer- Low autonomy, high capacity Examples of states that are not or have not been considered failed states - Answer- UK, USA, Japan, India Which of the following states most closely fits the ideal model of a nation-state? - Answer- Japan Which of the following historica...

How did the division of labor make factories more productive? - correct answer It allowed workers to split up the work and produce more at a time than all working together. What basic principle of mercantilism was disproved by Adam Smith in his book, The Wealth of Nations? - correct answer Galileo's approach to stimulate scientific thought and discovery influenced scientists of the industrial world just as it continues to influence modern science. Which phrase best describe Galileo...

Thoreau notes that most of his townsmen have learned to read not only to keep accounts and not be cheated in trade but also as a noble intellectual exercise - Answer False Brad has no personal connection to which (singstreet, sandlot, yo gabba gabba) - Answer Sing street Plato felt that the fundamental key in the development of an economy was - Answer More things are produced and better and more easily when one man performs one task according to nature at the right moment and at leisure fr...

Adam Smithwrote the wealth of nations labour is the source of value formulated capitalism invisible hand of the market- self regulating mechanism Thomas MalthusPrinciple of Population- population increases more than resources can supply Introduced scarcity economic carrying capacity David RicardoChallenges Adam smith vision of harmonious accumulation who gets what and who benefits? Law of rent- focused on production

Hayek - The Use of Knowledge in Society - ANSWER -Complexity of pricing is so complex no person can determine it. -Argued that decision-making must be decentralized to take into account this dispersed knowledge -No one person is as knowledgeable as all of us together. -Markets provide a systemic process that allows us to pool our individual knowledge. -Business people make decisions using price signals. -Price signals allow for sophisticated coordination even when individuals have never me...

Besides its utility, what else determines the value of a good by a consumer? - Answer-scarcity What is basic component of capitalism besides limited government, freedom of enterprise, and competition? - Answer-property rights When supply of good increases, what tends to decrease? - Answer-equilibrium Which economic system bases production of goods on customs and habits? - Answer-traditional Which economic system is regulated by the public sector? - Answer-command Which economic system is g...

WEBER: politics as a VOCATION PUZZLE: what defines the state? how do we define different kinds of legitimacy ? THE STATE -defined by the means it uses (violence) -pre modern vs. modern state -monopoly of violence over a given territory -human community that successfully claims the monopoly of legitimate use of physical force w/in a given territory -requires power (use of force), territory (fixed borders), people, external recognition (legitimacy) 3 FORMS OF LEGITIMACY TRADITIONAL ...

POLS 101 Exam 1 Study Guide Questions and Answers Already Passed 1. In general the US population is A. Quite young B. Getting older C. Becoming less diverse D. Less affected by immigration than in earlier years B. Getting older 2. The largest growing segment of the American population is A. Asian B. Black C. Hispanic D. White C. Hispanic 3. The single most important characteristic of American democracy is A. Social Contract B. Capitalism C. Community D. Personal liber...