Studied by 10 peopleMonetarism
________: a school of thought in monetary economics that emphasises the role of government in controlling the amount of money in circulation.
Neoclassical
________: focuses on how individuals operate within an economy.
Behavioural Economics
________: Neo- classical approach that consumers behave rationally.
total national income
Demand, and not supply, determined the ________ of a country.
Government spending
________ is necessary to maintain employment.
national output
Variation in the money supply has a major influence on ________ in the short run and price levels on the long term.
Neoclassical thinking
________: a broad theory that focuses on supply and demand as driving forces behind the production, pricing, and consumption of goods and services.
Classical economics
________: an idea that markets work best when theyre left alone and that government plays a very small rate.
Nudge Theory
theory that consumers can be ‘nudged’ to make decisions voluntarily that are better for them and for society.
Keynesian Economics
Government spending on infrastructure and unemployment benefits and education will increase consumer demand
\n
Keynesian Theories
In order to increase demand, more money should be spent and taxes should be lowered
Alfred Marshall
the exchange of goods and services as the key factors of economic analysis
Karl Marx
founder of communism, believed that there will be an inevitable breakdown in the capitalist free trade system
Neoclassical thinking
a broad theory that focuses on supply and demand as driving forces behind the production, pricing, and consumption of goods and services
Classical thinking theory
states that the value of a product is determined by the cost of production
Neoclassical economic theory
states that the value of a product or service is determined by how the consumer perceives said product
Monetarism
a school of thought in monetary economics that emphasises the role of government in controlling the amount of money in circulation
Behavioural Economics
Neo-classical approach that consumers behave rationally
Nudge Theory
theory that consumers can be ‘nudged to make decisions voluntarily that are better for them and for society
Note 
Flashcard (68)