Key Figures
Who was William (Stanley) Jevons?
"The higher the price, the lower the level of ________. Buyers have finite resources so their spending on a given product or commodity is limited as well."
What is the Law of Demand?
An example of commodity money would be...
What is, Gold, Silver, Diamonds...
The amount of money being invested or sometimes borrowed is known as...
What is, "Principal"
*Daily Double!*
Governments usually guide the economy through a mixture of regulations and direct economic activities.
What is, State Guided Capitalism?
Founder of the Austrian School of Economics
Who was Carl Menger?
"The higher the price, the higher the quantity supplied. Lower prices mean reduced supply all else being equal."
What is the Law of Supply?
A feature of the function of money would be... (AT LEAST ONE)
What makes less money over longer periods of time, compound or simple interest?
What is, simple interest?
Examples of businesses that would be considered successful under corporate capitalism would be...
McDonalds, Facebook/ Instagram (Meta), Starbucks, anything that fits here really!
*Daily Double*
Developed the General Equilibrium Theory
Who was Leon Walras?
"A type of price control that's usually government-mandated and sets the maximum amount a seller can charge for a good or service."
What is Price Ceiling?
True or False: Trust in institutions underpins the effectiveness of money and credit systems.
What is, True!
*Daily Double*
True or False: Interest rates reflect the interaction between the supply of savings and the demand for capital; or between the demand for and the supply of money.
What is, TRUE!
A small group of elite capitalists have taken over not only the economic system, but also the political system.
What is, Oligarchic Capitalism?
"Father of" Neoclassical Economic School of Thought and created Supply & Demand Graphs
Who was Alfred Marshall?
"An inefficient allocation of resources. It is a cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium."
What is, dead weight loss?
*Daily Double!*
The two main types of credit are...
What is, Commercial and Consumer credit
"The interest calculated on the principal AND the interest accumulated over the previous period."
What is, compound interest?
Describe Entrepreneurial Capitalism
"Entrepreneurial capitalism is based on the work of free market entrepreneurs. These will typically be small-scale businesses, perhaps composed of just one owner and a few employees."
(OR CLOSE to this definition!)
Developed the Quantity Theory of Money (MV = PT)
Who was Irving Fisher?
*Daily Double*
A Veblen Good is...
What is, Something that is bought specifically to show-off its purchase.
An impact of credit could be (positive or negative outcome)...
Definition of the Parity Condition
What is, A set of relationships that exist between different financial variables in international finance.
Sweden, Norway, Finland, Switzerland... Are countries who use which type of capitalism?
What's, Welfare State Capitalism?