Cumulative Topics

Question 1

Adam Smith Comparative Advantage

Answer 1

lower opportunity cost for creating something gives you comparative advantage

Question 2

Invisible hand

Answer 2

people guided by self-interest but invisible hand guides them back to common good

Question 3

Specilization

Answer 3

every country should specialize in what they are good at and produce that for cheaper prices and trade

Question 4

Spatial fix

Answer 4

capitalism thinks that finding new spaces to produce goods will fix boom and bust cycles of production

Question 5

Product life cycle

Answer 5

growth, maturity, decline

Question 6

Marx Class Relationships

Answer 6

economic relations of production are foundations to society and how we determine family life

Question 7

Marx Alienation

Answer 7

worker alienated from elite and from the product

Question 8

Uneven development

Answer 8

produced through creative destruction of capitalism

clusters of economic activity that provide jobs and capital to only certain areas