Economist's and Economic Laws
Help!
|
|
||||
|---|---|---|---|---|---|
| Laws of Economics | The general rules or principles guiding the production, distribution, and consumption of goods
🗑
|
||||
| Selected Principles of Economics #1 | The satisfaction of human wants always requires effort. Everything must be worked for.
🗑
|
||||
| Selected Principles of Economics #2 | Because people have more wants than they can satisfy, they must choose which of their many wants to satisfy
🗑
|
||||
| Selected Principles of Economics #3 | When certain goods are very scarce or useful, they become more valuable in relation to other goods
🗑
|
||||
| Selected Principles of Economics #4 | Every society is limited by nature in its capacity to produce goods
🗑
|
||||
| Selected Principles of Economics #5 | To produce goods, it is necessary to combine the four factors of production
🗑
|
||||
| Selected Principles of Economics #6 | Prosperous individuals and societies try to produce goods(work) as efficiently as possible
🗑
|
||||
| Selected Principles of Economics #7 | To acquire capital, or tools of production, individuals and societies must save, postponing consumption of other goods
🗑
|
||||
| Selected Principles of Economics #8 | An increase in capital efficiency results in increased production
🗑
|
||||
| Selected Principles of Economics #9 | Division of labor and specialization usually result in increased production
🗑
|
||||
| Selected Principles of Economics #10 | Economies that practice the effective division of labor require some form of money to make the exchange of goods easier
🗑
|
||||
| Mercantilism | A set of economic policies which aimed to biuld up the state's treasury
🗑
|
||||
| Trade Balance | The difference in value of the goods that a country sells abroad compared to those it purchases from other countries. One of the main concerns of mercantilistic governments
🗑
|
||||
| Tariffs | Taxes that governments apply only to imported goods
🗑
|
||||
| Imperialism | The establishment of colonies and extensive territories created to benefit their mother countries. Mercantilism advocated imperialism
🗑
|
||||
| Physiocrats | Some of the earliest influential advocates of "laissez-faire" economics, a French phrase meaning "let things alone". This doctrine says that a nation's economy is best left to itself and should not be stifled by government regulation
🗑
|
||||
| Classical Economics | The theories developed by economists that stated that the free market was the best possible economic system. These theories came from the ideas of the Physiocrats
🗑
|
||||
| Mercantilists Believe #1 | A nation's real wealth is determined by its store of precious metals(gold and silver)
🗑
|
||||
| Physiocrats Believe #1 | A nation's real wealth is derived from the land and its natural resources
🗑
|
||||
| Mercantilists Believe #2 | The importation of foreign goods should be limited through restrictions and high tariffs
🗑
|
||||
| Physiocrats Believe #2 | Free trade should be encouraged among nations through the absence of excessive laws and taxes
🗑
|
||||
| Mercantilists Believe #3 | Government is needed to control population patterns by dictating where people may live and where they may work in order to endure productivity
🗑
|
||||
| Physiocrats Believe #3 | Government should allow people to make their own choices because free labor is more productive than controlled labor
🗑
|
||||
| Mercantilists Believe #4 | Industries need governmental regulation, special privileges, and protection in order to ensure their survival
🗑
|
||||
| Physiocrats Believe #4 | Industries flourish best when allowed to make their own choices, free of governmental intervention
🗑
|
||||
| Adam Smith | The founder of modern economics
🗑
|
||||
| Division of Labor | The separation of work to be performed into individual tasks
🗑
|
||||
| Specialization | When the division of tasks among workers allows the production of goods by people doing the jobs they do best
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
TimHSEconomics
Popular Economics sets