the nature pf economics
KARL MARX
what is THE ECONOMIST THAT IS BELIEVED THAT HISTORY WAS A SERIES OF CLASS STRUGGLES BETWEEN EXPLOITERS AND THE EXPLOITED.
EXPENDITURE APPROACH: ADDS TOTAL EXPENDITURES ON GOODS AND SERVICES PRODUCED INCOME APPROACH: CALCULATES THE TOTAL NCOME RECEIVED AS A RESULT OF PRODUCING THOSE SAME GOODS AND SERVICES
WHAT is THE APPROACHES FOR CALCULATING GDP?
The term comparative advantage is most often attributed to the British economist, David Ricardo. Ricardo’s comparative advantage theory explains the benefits of international trade by pointing out the significance of relative opportunity costs in producing products for different markets
WHAT IS THE THEORY OF THE COMPARATIVE ADVANTAGE OF TRADE AND WHO CREATED IT
USE DEMOGRAPHICS TO BUILD A CONSUMER PROFILES USED TO BETTER UNDERSTAND THEIR VOTERS AND PLAN A CAMPAIGN
WHAT IS THE IMPORTANCE OF DEMOGRAPHICS IN BOTH BUSSINESS AND GOVERNEMENT?
THE RATE AT WHICH THE GENERAL LEVEL OF PRICES FOR GOODS AND SERVICES IS RISING AND CONSEQUENTLY THE PURCHASING POWER OF CURRENCY FALLING HYPER MILD CORE
what is INFLATION AND THE THREE FACTORS
NORMATIVE IS BASED ON ECONOMISTS THOUGHTS OR JUDGEMENTS, WHILE POSITIVE DEALS WITH FACTS AND DIRECT OBSERVATIONS
WHAT DEFINES A "POSITIVE" AND A "NORMATIVE" STATEMENT?
LUMBER, ANYTHING CONSIDERED THAT IS REUSEd
WHAT IS NOT INCLUDED IN GDP?
NAME ALL THE ECONOMIST WE LEARND ABOUT
what is ADAM SMITH THOMAS ROBERT MALTHUS DAVID RICARDO KARL MARX JOHN MEYNARD KEYNES JOHN KENNETH GALBRAITH MILTON FRIEDMAN ANNA SCHWARTZ HYMAN MINSKY
THE POINT OF STABILITY IN THE MARKET WHERE SUPPLY EQUALS DEMAND
what is Market Equilibruim
FRICTIONAL UNEMPLOYMENT SEASONAL UNEMPLOYMENT STRUCTUAL UNEMPLOYMENT
what is THREE TYPES OF UNEMPLOYMENTS
PICTURE OF SUPPLY LINE SHIFTING
WHAT IS THIS AND EXPLAIN WHAT ITS PURPOSE?
IS THE SET OF DECISIONS A GOVERNMENT MAKES USALLY THROUGH ITS CENTRAL BANK, ABOUT THE AMOUNT OF MONEY IN A CIRCULATION IN THE ECONOMY. AFFECTS: IF BANKS FEARS HIGH INFLATION ADOPTS TIGHT MONEY POLICY. INTEREST RATES COUNTRIES MONEY SUPPLY IS REDUCED
WHAT IS A MONETARY POLICY AND HOW DOES IT AFFECT THE ECONOMY?
GRADUATED FROM BARNARD COLLEGE AT A YOUNG AGE OF 18
what is ANNA SCHWARTZ
THE INCOME EFFECT THE SUBSTITUTION EFFECT TASTE AND PREFERENCES CONSUMER EXPECTATIONS
WHAT is THE FACTORS AFFECTING DEMAND?
CREATED WITH THE PURPOSE OF BRINGING STABILITY AND SECURITY TO THE BANKING SYSTEM WHERE BANKS GET MONEY BANKERS FOR THE FEDERAL GOVERNMENT ISSUES PAPER CURRENCY DIRECTOR OF CANADIAN MONETARY POLICY
what is BANK OF CANADA AND THE FUNCTIONS OF THE BANK
THEY ARE LAND, LABOUR, CAPITAL
THEY ARE LAND, LABOUR, CAPITAL
WHAT is THE THREE FACTORS OF PRODUCTION?
DEBT: THE SUM OF THE PREVIOUS YEARS OF DEFICITS DEFICIT: WHEN GOVERNMENT SPENDS MORE MONEY THAN THE REVENUE GENERATED IN THE YEAR
what is THE DIFFERENCE BETWEEN DEBT VS DEFICIT
IN 1759 WHO PUBLISHED THE THEORY OF MORAL SENTIMENTS
what is ADAM SMITH
The demand curve shows the quantities of a particular good or service that buyers will be willing and able to purchase at each price during a specified period. The supply curve shows the quantities that sellers will offer for sale at each price during that same period
WHAT IS A SUPPLY AND DEMAND CURVE?
LAST SUMMER AN ICE CREAM CONE COST $1.50 F0R ONE SCOOP NOW COSTS $1.75. WHAT IS THE RATE OF INFLATION ON THE ICE CREAM CONE?
what is 16%
PROS COMMAND: PLANNING CAUSES STABILITY AND ALSO REDUCES WASTE MIXED: LESS GOVENEMENT CONTROL MARKET: VARITY OF GOODS AVAIBLE, MAX AMOUNT OF FREEDOM TRADITIONAL: LOW WASTE, MINIMAL CHANGE, LITTLE DAMAGE TO THE ENVIRONMENT CONS COMMAND:LIMITS INDIVIDUAL CHOICE, INFLEXIBLE MIXED: TAXES GO UP, VERY UNPREDICTABLE MARKET:BUSINESS CYCLE SLOWS DOWN, LARGE PRODUCERS CAN INFLUENCE PRICE TRADITIONAL:NOT PROGRESSTIVE, NO LONG-TERM PLANNING, LIMITED VARITY OF GOODS
what is A LIST OF THE PROS AND CONS OF EACH OF THE FOUR ECONOMIC SYSTEMS AND NAMES OF THE 4 ECONOMIC SYSTEMS