The branch of economics that studies how households and firms, buy, sell, and allocate resources.
What is Microeconomics
100
From the Arabic word translated as "nation," the collective community of Muslims around the world.
What is Ummah
100
Economist that believed that when people are free to pursue their own financial interests, they indirectly promoted the good of society.
Who is Adam Smith.
100
A Secularist who defended the principles of capitalism as the only just economic system.
Who is Ayn Rand
100
The transitional phase between capitalism and communism.
What is Socialism.
200
The branch of economics that studies how large economies function as a whole.
What is Macroeconomics.
200
The fourth pillar of Islam, it is the donation of 2.5% of a Muslim's annual income.
What is Zakat
200
The government must ensure these things in order to provide economic stability.
What is Property rights and rights to intellectual property.
200
What most Secularists believe can anticipate every economic decision and manage every economic outcome.
What is a central planning agency
200
End goal of Marxism.
What is a worldwide communist utopia.
300
An economy in which economic decisions are freely made by households and firms.
What is Free Market Economy
300
An Arabic word meaning either interest or excessive interest.
What is Riba
300
The right to own ideas through copyrights and patents is guranteed through what
What is the U.S. Constitution
300
Required for economic growth.
What is predictability and stability.
300
The Marxist ideal of a classless and stateless utopian society in which all property is commonly owned.
What is Communism
400
Goods used to produce other goods and services
What is Capital
400
A tax imposed on dhimmis living in Islamic states.
What is Jizyah
400
Argued that the government should spend borrowed money to stimulate a down economy and generate the revenue to repay its debt.
Who is John Maynard Keynes
400
Most economies are a combination of these two things.
What is capitalism and socialism
400
Setting prices above the labor cost of production leads to a situation in which the bourgeois amass wealth at the expense of the proletariat.
What is Surplus Value Theory of Labor
500
The belief that human beings are social constructs and not unified rational individuals with an objective human nature.
What is Decentered Self
500
Rivalry between two or more companies to offer the best products at the best price, and at the highest profit margins.
What is economic competition
500
At its most basic level, economics is about...
What is the scarcity of resources.
500
States that the availability of a good or service creates demand equal to its value.
What is Say's Law
500
Reason Marx favored socialism over capitalism.
What is Marx believed that capitalism allowed the bourgeoisie to hoard wealth by paying workers less than they were worth and that socialism was more stable and efficient than capitalism.