Key Figures
Economist and professor who created a law that states: "supply creates its own demand."
Who was, Jean-Baptiste Say?
Theory that suggests that two commodities will trade for the same price if they embody the same amount of labor time, or else they will exchange at a ratio fixed by the relative differences in the 2 labor times.
What is the, Labour Theory of Value?
*Daily Double!*
Smith referred to a metaphorical thing which guides markets toward their natural equilibrium.
What is the, "invisible hand"?
A two Volume book on the Economy published by Adam Smith.
"What is, the Wealth of Nations"?
The belief that actions are right if they are useful or for the benefit of a majority.
What is, utilitarianism?
Economist who is known as the "Father of Modern Economics."
Who was, Adam Smith?
*Daily Double!*
The production of this increases arithmetically (linearly.)
What is, food production growth?
Minimum resources needed to survive.
What is, subsistence?
Political historian who coined the term: "dismal science," and was against Mill's theories.
Who was, Thomas Carlyle?
The benefits you may miss out on when you make a choice.
What is, opportunity cost?
Economist who disagreed with Smith about needing an absolute advantage for equal trades.
Who was, David Ricardo?
When a producer has a lower opportunity cost to produce a good or service than another producer.
What is, Comparative Advantage?
A word used to describe a gloomy sense of doom, and bleak futures.
What is, dismal?
Best known for “A Treatise on Political Economy” written in 1803.
Who was Jean-Baptiste Say?
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Opposing government intervention in business affairs.
What is, laissez-faire?
Economist who is known for his pessimistic view on population growth.
Who was, Thomas Malthus?
This grows geometrically (exponentially.)
What is, population growth?
The use of government spending and tax policies to influence economic conditions.
What is, fiscal policy?
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This classical-modern economist accused John Stuart Mill of holding to the doctrine that “supply creates its own demand.”
Who was, John M. Keynes?
The cost savings that an entire industry or region enjoys as a result of its collective size and growth.
What are, external economies of scale?
Economist who believed that individuals’ happiness should be valued equally.
Who was, John Stuart Mill?
The ability of a country to produce a greater quantity of good or service with the same quantity of inputs per unit of time.
What is, Absolute Advantage?
The cost savings that a particular company enjoys as it grows and expands its operations.
What are, internal economies of scale?
What is, Malthusian's theory of population and food growth.
A branch of economics that deals with the role of government in the economy, particularly in relation to taxation, government spending, and debt management.
What is, classical public finance?
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