VOCABULARY
Guess the term.
... - the demand for a good or service is greater than the availability of the good or service.
Scarcity
On the basis of what model the economy of the Republic of Belarus is formed?
A socially oriented market model
All people are said to be consumers, but only some are producers.
True
Who is the father of capitalism?
Adam Smith
Guess the term.
... - an amount of something left over when requirements have been met; an excess of production or supply.
Surplus
What national brands is Belarus known abroad for?(Mechanical engineering)
"BelAZ" and "MAZ"
True/False: State capitalism is a system in which the government controls most of the capital.
True.
Who is HE?
HE was a German philosopher during the 19th century. HE worked primarily in the realm of political philosophy and was a famous advocate for communism.
Karl Marx
Guess the term.
... - a product or service produced abroad and purchased in your home country.
Import
What forms the basis of the country's agro-industrial complex?
Crop growing and livestock breeding
True/False: The subject of government's role in an economy is part of the field of microeconomics.
False; microeconomics deals with the choices made by individuals, households & businesses affect the economy. Macroeconomics deals with national and international economies -- about large-scale choices and public (government) policies
Who is HE?
HE was an 18th-century English economist renowned for his contributions to economic theory. HE developed the comparative advantage theory, labor theory of value, and the theory of rents, which have founded other schools of thought and form the basis of current economic policies and decisions.
David Ricardo
Guess the term.
... - not using a lot of money, fuel, etc.
Economical
What levels the banking system of the republic has?
The National Bank of the Republic of Belarus and other banks
True/False: When too much money is in circulation, the general result is inflation.
True
Who is HE?
HE was an American economist who advocated for free-market capitalism. HE is the founder of monetarism, an active monetary policy where governments control the amount of money in circulation.
Milton Friedman
Guess the term.
... - an economy which is changing from a centrally planned economy to a market economy.
Economic transition
What is the most popular belarusian IT-company?
EPAM
Is this true that The Nobel Prize in Economics is not a real Nobel Prize?
Yes, it is true.
The economics prize was established by the Swedish central bank and was officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Members of the Nobel family are known to have criticized the Swedish central bank
Who was the first woman to ever win the Nobel Prize in economics?
Elinor Ostrom