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Economics

Yessenia Breitenberg ∙

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Term1/15

What is the amount of a good or service that a consumer is willing to buy called

Definition1/15

Demand is considered what consumers are willing and able to buy. If the product or service is too expensive, then people won't buy it because they can't afford it and there will be no demand. If it's affordable but people don't see the use, they still won't buy it and there will still be no demand. In order to create demand, a product has to be both useful and affordable. The more useful and affordable it is, the more demand there will be.

Term1/15

Marx believed his economic system would pay workers according to their needs

Definition1/15

true.

Yes it is the basis of Marxist theory.

Term1/15

Keynes believed that the government must get involved in the economy to bring the country out of the Great Depression

Definition1/15

True

Term1/15

What is the agreement between the producer and consumer on a price called

Definition1/15

market

Term1/15

At the time of World War 2 this economist spoke against laissez-faire arguing that government is necessary to address the problem of economic inequality

Definition1/15

Pigou

Term1/15

Many people criticized Keynes because his economic policy did what

Definition1/15

It was designed for the short term

Term1/15

In which direction does the demand curve on a graph slant

Definition1/15

Downward left to right

Term1/15

In his economic system smith believed that basic economic questions were answered by which group

Definition1/15

market

aPLUS

Term1/15

Marshal combined the idea of the marginalists and the classical capitalists to form which new theory

Definition1/15

price

Term1/15

Malthus believed that as the labor force increases extra food will only be produced by farming less fertile soil

Definition1/15

true!!!!

Term1/15

Many people criticized keynes because his eonmomic policy did what

Definition1/15

Many people criticized Keynes because his economic policy did what?

Term1/15

Which of these described they economic view of the Chicago school of economists

Definition1/15

microeconomic

Term1/15

Which of these answers best describes the Karl Marx's view of history

Definition1/15

a struggle of classes:)

Term1/15

Which of these events was the focus of the United states and the countries of the world during the 1930s

Definition1/15

The depression

Term1/15

Economic theory helps us to understand events in the real world of daily living.

Definition1/15

true (A+)

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Cards in this guide (15)

What is the amount of a good or service that a consumer is willing to buy called

Marx believed his economic system would pay workers according to their needs

true.

Yes it is the basis of Marxist theory.

Keynes believed that the government must get involved in the economy to bring the country out of the Great Depression

True

What is the agreement between the producer and consumer on a price called

market

At the time of World War 2 this economist spoke against laissez-faire arguing that government is necessary to address the problem of economic inequality

Pigou

Many people criticized Keynes because his economic policy did what

It was designed for the short term

In which direction does the demand curve on a graph slant

Downward left to right

In his economic system smith believed that basic economic questions were answered by which group

market

aPLUS

Marshal combined the idea of the marginalists and the classical capitalists to form which new theory

price

Malthus believed that as the labor force increases extra food will only be produced by farming less fertile soil

true!!!!

Many people criticized keynes because his eonmomic policy did what

Many people criticized Keynes because his economic policy did what?

Which of these described they economic view of the Chicago school of economists

microeconomic

Which of these answers best describes the Karl Marx's view of history

a struggle of classes:)

Who believed that history was guided by economic events

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Economics

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Economics

What part of the economy is involved in the study of macroeconomics

The economic policy of John Maynard Keynes called for government assistance so there could be full employment

This type of economics addresses the question what is

In which direction does the demand curve on a graph slant

History of the United States

What was the social economic and political impact of World War 1 globally

Which country gained most territory in the seven years war

What does the term taxation without representation mean

What years were hit by the depression

Economics

What is the amount of a good or service that a consumer is willing to buy called

Under this economic theory the government does not get involved in the economy

This type of economics addresses the question what ought to be

This type of economics addresses the question what is

Economics

What is the amount of a good or service that a consumer is willing to buy called

Which axis of a graph will always run vertically from the bottom to the top of the page

This type of economics addresses the question what is

In which direction does the demand curve on a graph slant

Karl Marx

Developed industrial alloys and synthetics

Who wrote poetry expressing a desire to return to a simple life close to nature

Who did Karl Marx predict would seize control of production

Who believed that history was guided by economic events

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