economists
Studied by 0 people
View linked note
Learn
Practice Test
Spaced Repetition
Match
Flashcards1/76
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
77 Terms
___ proposed the idea of an 'invisible hand' regulating the market.
Adam Smith
The motive that drives competition and ultimately regulates markets is known as ___.
Self-interest
The separation of tasks in production, which increases overall productivity, is referred to as ___.
Division of labour
___ is an economic system where transactions between private parties are free from government interference.
Laissez-faire capitalism
An economic theory that promotes governmental regulation of a nation's economy to augment state power is called ___.
Mercantilism
The ___ proposes that population growth will always outrun food supply, leading to inevitable mass poverty.
Malthusian Theory
David Ricardo's theory stating that wages will tend to remain at the subsistence level due to population growth is known as the ___.
Iron Law of Wages
The ability of a party to produce a good at a lower opportunity cost than another party is called ___.
Comparative Advantage
Exploitation involves making use of and benefiting from resources or people, often leading to ___.
unfair treatment
Class conflict is the struggle between different classes in society, as highlighted by ___.
Karl Marx
The difference between what workers are paid and the value of the products they produce is called ___.
Surplus value
___ is an economic theory advocating for government intervention to stimulate demand during downturns.
Keynesian economics
Savings accumulated for future use, such as through war bonds, are known as ___.
Deferred savings
Monetarism focuses on the role of governments in controlling the amount of ___ in circulation.
money
Economic systems where prices are determined by unrestricted competition between privately owned businesses are called ___.
Free markets
Management and oversight by the government to maintain order are referred to as ___.
Government regulation
___ is a system where large corporations dominate economic policies and practices.
Corporatism
Efforts and policies aimed at improving well-being are known as ___.
Social welfare
The rate at which the general level of prices for goods and services is rising is called ___.
Inflation
The total amount of money that a government owes to creditors is referred to as ___.
Public debt
The period of economic transformation that began in the late 18th century is known as the ___.
Industrial Revolution
___ describes the movement of people from rural to urban areas, notably accelerated by the Industrial Revolution.
Urban migration
The degree of wealth and comfort available to a socioeconomic class is referred to as ___.
Living standards
The concept that factors like poverty can limit population growth is called ___.
Natural checks on population
An increase in the production of goods and services in an economy over time is known as ___.
Economic growth
The act of keeping wages low to maximize profits is called ___.
Wage suppression
The growth of capital assets through investment is known as ___.
Capital accumulation
The rights and legal protections afforded to workers are known as ___.
Workers' rights
Rebellion and revolt leading to conflict are referred to as ___.
Violent uprisings
The act of government stepping into the economy to influence activity is known as ___.
Economic intervention
___ is the state of being steady and not prone to sudden change, especially in an economic context.
Stability
The study of economic crises is called ___.
Crisis economics