1st
Who argued that free markets work better than government-controlled trade?
Adam Smith
What revolution marked the shift from agrarian economies to industrial production?
The Industrial Revolution
According to Physiocrats, which sector was the primary source of wealth?
Agriculture
What theory states that the value of goods is based on the labor required to produce them?
Labor Theory of Value
What economic model did François Quesnay develop to show how wealth circulates?
Tableau Économique
What economic system, based on government-controlled trade, declined in the 17th-18th centuries?
Mercantilism
In capitalism, wealth grows through reinvestment of what?
Capital
What did Physiocrats oppose that restricted free trade?
Tariffs
Which economist distinguished between landowners, capital owners, and wage laborers?
William Petty
In Quesnay’s model, what were the three economic classes?
Productive Class, Sterile Class, Landowners
Which French economist criticized Colbert’s high taxes, arguing they harmed farmers?
Boisguilbert
The Industrial Revolution replaced feudal labor with what type of labor?
Wage labor
According to Physiocrats, wealth was created only through what?
Agricultural surplus
What economic philosophy argues that governments should not interfere in markets?
Laissez-faire
Who was known as the "Father of English Political Economy"?
William Petty
What book did Adam Smith write to support free markets?
The Wealth of Nations
What economic system emphasizes private ownership and free markets?
Capitalism
Who were the two key figures of Physiocracy?
François Quesnay and Anne-Robert Turgot
What economic principle argues that prices should be determined by supply and demand?
Market economy
What type of economy did mercantilists support?
Government-controlled trade economy
What concept explains why landowners earn rent based on fertility and location?
Land Rent Theory
What economic school of thought shifted focus from trade to production?
Classical School
What model showed how wealth circulates among different economic classes?
Tableau Économique
Which economic theory led to modern Neoclassical and Keynesian economics?
Classical Economics
What term describes entrepreneurs taking risks for higher profits?
Entrepreneurial capitalism