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☆☆☆☆☆Cards in this guide (15)
This man is responsible for changing classical thinking in the twentieth century
keynes
The difference between what the workers produce and what they earn is surplus value
Surplus value is the difference between the value that workers produce and what they are paid in wages.
How did the Provisional Government function
as a parliment
Which factors of production are used by a landscaping service to provide economic value
labor, capital, and natural resources
How long did the New Economic Policy prevail in Russia
7 years
What is money called when it is accepted for goods and services
A medium of exchange
Who is responsible for the law of diminishing returns
Thomas Malthus
Who theorized the economic system of socialism
Karl Marx
Which modern theorist's work in monetarist thought earned him a Nobel prize in economic sciences
Milton Friedman's work in monetarist thought earned him a Nobel prize in economic sciences.
Which of these was not a belief of Alfred marshall
Consumption, investmebt, and government speanding setermine income
Once a firm knows what it should produce what must it then decide
how it will produce the goods or services
In the circular model how are households compensated by firms for the factors of production they provide
With wages, rent and dividends.
What two theorists did Alfred Marshall borrow the concept of the importance of cost to the supply of goods
a
Is not a factor in wage variance between different occupations
Big dongs
Which of these describes the economic theory of laissez-faire
An economic system should be driven by free market forces, not government intervention. A+
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