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History of Econ Flashcards

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1
Q

True/Genuine wealth limited

A

Aristotle

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2
Q

During Hebrew economic era, He give sufficient incentives for the development of trade and Commerce

A

King Solomon

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3
Q

Agriculture was given the most important place in society

A

Hebrew Economic Era

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4
Q

Happiness is what type of cause?

A

Final Cause

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5
Q

The economic thought during this period was mixed with ethics and philosophy.

A

Ancient Economic Era

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6
Q

What was mixed with the ancient economic thought?

A

Ethics and Philosophy

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7
Q

There was no tax system in the society

A

Hebrew Economic Era

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8
Q

What system was not existing in Hebrew Economic Era?

A

Tax System

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9
Q

It was not fully developed during Hebrew Economic Era but King Solomon give sufficient incentives.

A

Trade and Commerce

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10
Q

Example of limited genuine wealth

A

Agriculture and Mining

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11
Q

What type of cause is the Body of Human Being: Male or Female

A

Formal Cause

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12
Q

Unnatural wealth limited

A

Aristotle

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13
Q

It has a high regard for agriculture

A

Roman Economic Era

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14
Q

Hebrew maxims

A

“Although trading gives greater profit, there may be loss in a moment, therefore never hesitate to buy land”

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15
Q

He believed that the essential need of mankind are food, clothing, and shelter

A

Plato

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16
Q

They are the laborers who make the goods and services in the society.

A

Producers/Workers

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17
Q

Who were told not to collect interest on money from the poor?

A

Hebrews

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18
Q

It was utilized for the construction of buildings, roads and other public utility services.

A

Labor Services

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19
Q

Plato

A

-Division of labor
-Currency System
-Individual Subordinate to the State
-Public Transportation and Finance

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20
Q

Division of Labor

A

Plato

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21
Q

He claim that money was a useful way of facilitating exchange

A

Aristotle

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22
Q

It deals with different thinkers & theories in the subject that became political economy and later economy

A

History of Economics

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23
Q

What are the 3 types of classes in Plato’s ideal society

A

Producers/Workers, Auxiliaries, Guardians

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24
Q

What was the main purpose of poor Hebrews borrowing money which is the reason why Hebrews do not collect interest on money

A

Consumption

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25
The human being's parents is the type of what cause?
Efficient Cause
26
Those who keep order in the society and protect it from invaders
Auxiliaries
27
They give preference to agriculture
Hebrews
28
He did not favor the idea of allowing gold and silver to be common to men
Plato
29
Where was the Hebrew women expert at?
Weaving and Spinning
30
It was traditional during Hebrew economic era
Agriculture
31
Money was used in the form of ______
Bullion
32
What was Plato's main contribution?
Account of division of labor
33
What type of Cause is the following: Skin, muscles, tissues, organs, and various chemicals?
Material Cause
34
He recognized the value of money as a medium of exchange
Plato
35
They are the Philosopher Kings who rule over the other classes gently and selflessly
Guardians
36
They were in favor of using gold as money
Roman Economic Era
37
Four causes of Human Being
1. Formal cause 2. Material cause 3. Efficient cause 4. Final cause
38
It deals with the origin and development of economic ideas and their interrelations
History of Economics
39
The Hebrews during Hebrew economic era used ____ as their main form of property.
Land
40
This period was against money making
Roman Economic Era
41
Money measure of wealth store value
Aristotle
42
It did not exist in the Hebrew Economy
Taxes
43
They are experts at weaving and spinning
Hebrew women
44
Considered the science of economics of home management as well as the art of wealth getting and wealth spending.
Greek Economic Era
45
During ancient era, It was not organized , scattered, and haphazard
Ancient Economic Thought
46
It was used mainly in the form of Bullion
Money
47
The period where charging of interest at low rates were justified
Hebrew Economic Era
48
Plato's famous writings that became the most important economic thought during Greek Economic Era
The Republic and The Laws
49
Not based on any systematic paradigm. Economic thought was not organized. It was scattered and haphazard
Ancient Economic Era
50
It was not original as it was mainly derived from Greek Economic Era
Roman Economic Era
51
They are also called Doctors or Scholars
Medieval Writers
52
He was responsible for the development of of medieval thought.
St. Thomas Aquinas
53
According to him, Value is nothing but the just price
St. Thomas Aquinas
54
It is a national economic policy thta is designed to maximized the exports of nation.
Mercantilism
55
He supported the division of Labor society
St. Thomas Aquinas
56
He was in favor of private property because it was consistent with natural law of the land.
Thomas Aquinas
57
What Greek word does economics was derived from?
Oikonumia
58
The goal was to increase the nation's wealth by imposing government regulation
Mercantilism
59
It was essential for conducting wars
Money
60
He was responsible for the development of the study of economics
Adam Smith
61
What does oikonumia means?
Household management
62
Labor theory of Value
David Ricardo
63
The price should include the cost of production, risk, and carriage charges
St. Thomas Aquinas
64
He termed economics as a science of household management
Aristotle
65
He termed economics as a science of household management
Aristotle
66
He was coined as the Father of Economics
Adam Smith
67
Principles of Economics and Taxation
David Ricardo
68
Father of Communism
Karl Marx
69
Past events used in decision making
History
70
Relationships of actors of economy
Sociology
71
"Money using Economy"
Finance
72
Communist Manifesto
Karl Marx
73
The intervention of public administrator in the allocation & distribution of goods and services
Political Science
74
The study of economy-wide aggregates such as inflation, unemployment, economic growth, and international trading.
Macroeconomics
75
Intervention of money as medium of exchange
Finance
76
Behaviors of consumer & producers in terms of their needs and wants
Psychology
77
It is the study of individual decision-making units, such as firms and households
Microeconomics
78
Anything that has useful value such as money, stocks, real estate, mineral deposits, etc.
Wealth
79
Direct utilization of goods and services
Consumption
80
Processing of Economic Goods are created
Production
81
Four Factors of Production
Land, Labor, Capital, Entrepreneurship
82
Defined as the inability to satisfy all wants because they exceed what we can produce with our resources
Scarcity
83
What type of factors of production does investments belong to?
Entrepreneurship
84
What type of factors of production does Natural Resources belong to?
Land
85
Tools, machineries and factories are examples of what factor of production?
Capital
86
What type of factors of production does Physical and Intellectual belongs to?
Labor
87
Trading of goods for money, goods for goods, goods for services, services for services.
Exchange
88
What are the concepts of Economics?
Wealth Consumption Production Exchange Distribution
89
Unlimited needs and wants together with fixed resources
Scarcity
90
Allocating the scarce resources to both household and business sector
Distribution
91
What are the 5 economic questions?
What to produce? How to produce? How much to produce? For whom to produce? Who gets to make this decision?
92
The things used to make other goods
Resources
93
The fundamental Problem
Scarcity
94
Things we would really like to have
Wants
95
Things we must have to survive
Needs
96
Decisions involve picking one thing all other possibilities
Trade off
97
The value of the next best choice
Opportunity cost

Economics (6 decks)

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