Show:
Classical
Milton Friedman
Keynesian
Equality Vs Equity
Misc.
100
An 18th century economist who founded classical economics.
Who is Adam Smith?
100

Was an economic advisor for this President

Who is Ronald Reagan

100
This British economist founded The Keynesian Economic school of thought.
Who is John Maynard Keynes?
100

In Economic Terms, freedom or equality is called?

What type of Justice does Thomas Sowell call this?

What is Equal Opportunity?

What is Traditional Justice?

100

He wrote Das Kapital.

Who is Karl Marx.

200
The idea that the government should interfere as little as possible in economic issues.
What is Laissez Faire?
200

Friedman argued that this policy tool, controlled by the Federal Reserve, is the most effective way to manage economic stability.

What is monetary policy?

200
Keynes was criticized by this economist?
Who is Fredrich August Van Hayek?
200

In Economic Terms, equity is...

Thomas Sowell calls this?

What is Equal outcomes?

What is Cosmic Justice?

200

This Nobel Prize-winning economist is known for his clear explanations of economic principles and his book Economics, which is widely used in high school and AP courses. He is more Keynesian in his economic philosophy.

Who is Paul Krugman

300
The name given to the idea that people are self-motivated.
What is The Invisible Hand?
300

Friedman famously opposed this type of government spending program, arguing it often leads to inefficiency and dependency.

What are welfare programs?
(Accept: social welfare or entitlement programs)

300

This refers to the hoarding of money in economic terms.

What is a surplus?

300

According to Sowell, Attempts to enforce equity through redistributive policies can distort incentives, reduce accountability, and harm overall societal well-being. 

What is Unitended Consequences

300

The other author of the Communist Manifesto (not Karl Marx)

Who is Friedrich Engels

400

The system of production, where workers specialize in specific tasks, greatly increases efficiency and output.

 What is the division of labor? 

400

In his famous “pencil” story, Friedman used this concept to explain how countless people around the world cooperate to produce a single pencil without central planning.

What is the power of the free market?

or voluntary exchange in a market economy?

400
Keynesian Economics emerged during this period of Amsrican history
What is the Great Depression?
400
The Name of an equitable tax system

What is a progressive Tax System?


400

Mao Zedong's Economic Farming Plan was called?

What is the Great Leap Forward (1958-1962)

500
This book was about industrial growth in Europe & was written in 1776.
What is The Wealth of Nations?
500

Friedman & Dr. MLK Jr. both agreed on this economic policy, where individuals receive a guaranteed income from the government instead of traditional welfare benefits.


What is a negative income tax?

What is Universal Basic Income?

500

Keynes argued that during periods of high unemployment and idle resources, this paradox occurs when individuals save more, reducing overall demand and worsening the recession.

What is the Paradox of Thrift?

500

The name of an equal tax system

What is a flat tax?

500
This economist inspired Darwin's theory.
Who is Thomas Robert Malthus.