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| the "STUDY" in which societies produce and distribute "GOODS AND SERVICES" |
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| people make rational choices in the face of scarcity |
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| enables buyers and sellers to come together and engage in transactions |
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| a place where goods and services and the factors of production are bought and sold |
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| raw materials, labor, and plant and equipment |
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| when people buy and sell labor, products, and services in exchange for money. |
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| focuses on whole economies and large sectors of economies and on broad levels of economic activity, overal income, relationships among sectors of the economy |
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| focuses on individual economic entities, such as a single business or household, or on specific economic activities such as employment or prices |
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| helps the president address economic issues |
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| the council of economic advisors |
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| us and international organizations that build and implement programs to develop and stabalize economies of less developed nations around the world |
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| focuses on forcecasting economic activity |
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| observe behavior and outcomes, systematically catalog those observations and identify patterns and trends |
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| measures that a government takes to help stabilize or grow its economy. increasing or decreasing government spending and borrowing, adjusting certain interst rates, and increasing or decreasing taxes |
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| must assume that people are making rational rather than irrational economic decisions |
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| the sum of all of the transactions that people in an economy have made regarding where they will work and for how much |
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| three organizations of economies |
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| Command, Market, and Mixed Economies |
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| consumers and businesses decide what they want to produce and purchase in the market place. |
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| pure market economy "laissez-faire" |
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| government plays a very limited role in what is produced |
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| "planned Economy" the government largely determines what is produced and in what amounts. associated with socialism and communism |
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| characterized by collective ownership of the means of production and central planning functions that try to produce what people want and need, in the quantities and at the time required. |
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| in a mixed economy ---------- determine which goods and services are produced and how the are distributed |
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| both market forces and government decisions |
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| refers to government efforts to provide for people's needs. help comes from the public sector. government sponsored work projects. |
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| something that everyone wants but no one wants to pay for, such as clean air or well-educated populace |
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| three most important economists |
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| Adam Smith, Karl Marx, John Maynard Keynes |
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| founder of modern economics |
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| who wrote the wealth of nations? published -----, year of what |
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| Adam Smith, 1776, the year of America's Decleration of Independence |
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| the key doctrine of classical economics is that : |
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| laissez-fair attitude by government toward the marketplace will allow the "invisible hand" to guide everyone in there economic endeavors and generate economic growth |
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| individuals in society, each acting in his own self-interest, manage to produce and purchase goods and services that they as a society require... is known as |
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| believed that the prevailing economic system at a given time determines the way people think |
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| lived from 1818-1883, was very arrogant. looked at capitalism from a more pessimistic and revolutionary viewpoint |
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| a british economist and financial genious who lived from -------- came up with very influential views on capitalism |
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| an approach to economic policies that favors using the governments power to spend, tax, and borrow to keep the economy stable and growing |
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| founded and formulated the science of economics and basic theory of Capitalism |
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| Challenged capitalism and had such a forceful impact on society and politics |
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| prompted new practices as well as new theories of economic policy. |
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| A stable society needs an orderly system of producing and distributing goods and services--------is the study of these systems, and of peoples individual and collective behavior within those systems |
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| assumes that people make rational choices and express preferences by engaging in transactions in the marketplace, which employs prices, valued in money, as its exchange mechanism |
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