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Economics > History of Econ > Flashcards

History of Econ Flashcards

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
Q

The human being’s parents is the type of what cause?

A

Efficient Cause

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26
Q

Those who keep order in the society and protect it from invaders

A

Auxiliaries

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27
Q

They give preference to agriculture

A

Hebrews

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28
Q

He did not favor the idea of allowing gold and silver to be common to men

A

Plato

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29
Q

Where was the Hebrew women expert at?

A

Weaving and Spinning

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30
Q

It was traditional during Hebrew economic era

A

Agriculture

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31
Q

Money was used in the form of ______

A

Bullion

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32
Q

What was Plato’s main contribution?

A

Account of division of labor

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33
Q

What type of Cause is the following: Skin, muscles, tissues, organs, and various chemicals?

A

Material Cause

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34
Q

He recognized the value of money as a medium of exchange

A

Plato

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35
Q

They are the Philosopher Kings who rule over the other classes gently and selflessly

A

Guardians

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36
Q

They were in favor of using gold as money

A

Roman Economic Era

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37
Q

Four causes of Human Being

A
  1. Formal cause
  2. Material cause
  3. Efficient cause
  4. Final cause
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38
Q

It deals with the origin and development of economic ideas and their interrelations

A

History of Economics

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39
Q

The Hebrews during Hebrew economic era used ____ as their main form of property.

A

Land

40
Q

This period was against money making

A

Roman Economic Era

41
Q

Money measure of wealth store value

A

Aristotle

42
Q

It did not exist in the Hebrew Economy

A

Taxes

43
Q

They are experts at weaving and spinning

A

Hebrew women

44
Q

Considered the science of economics of home management as well as the art of wealth getting and wealth spending.

A

Greek Economic Era

45
Q

During ancient era, It was not organized , scattered, and haphazard

A

Ancient Economic Thought

46
Q

It was used mainly in the form of Bullion

A

Money

47
Q

The period where charging of interest at low rates were justified

A

Hebrew Economic Era

48
Q

Plato’s famous writings that became the most important economic thought during Greek Economic Era

A

The Republic and The Laws

49
Q

Not based on any systematic paradigm. Economic thought was not organized. It was scattered and haphazard

A

Ancient Economic Era

50
Q

It was not original as it was mainly derived from Greek Economic Era

A

Roman Economic Era

51
Q

They are also called Doctors or Scholars

A

Medieval Writers

52
Q

He was responsible for the development of of medieval thought.

A

St. Thomas Aquinas

53
Q

According to him, Value is nothing but the just price

A

St. Thomas Aquinas

54
Q

It is a national economic policy thta is designed to maximized the exports of nation.

A

Mercantilism

55
Q

He supported the division of Labor society

A

St. Thomas Aquinas

56
Q

He was in favor of private property because it was consistent with natural law of the land.

A

Thomas Aquinas

57
Q

What Greek word does economics was derived from?

A

Oikonumia

58
Q

The goal was to increase the nation’s wealth by imposing government regulation

A

Mercantilism

59
Q

It was essential for conducting wars

A

Money

60
Q

He was responsible for the development of the study of economics

A

Adam Smith

61
Q

What does oikonumia means?

A

Household management

62
Q

Labor theory of Value

A

David Ricardo

63
Q

The price should include the cost of production, risk, and carriage charges

A

St. Thomas Aquinas

64
Q

He termed economics as a science of household management

A

Aristotle

65
Q

He termed economics as a science of household management

A

Aristotle

66
Q

He was coined as the Father of Economics

A

Adam Smith

67
Q

Principles of Economics and Taxation

A

David Ricardo

68
Q

Father of Communism

A

Karl Marx

69
Q

Past events used in decision making

A

History

70
Q

Relationships of actors of economy

A

Sociology

71
Q

“Money using Economy”

A

Finance

72
Q

Communist Manifesto

A

Karl Marx

73
Q

The intervention of public administrator in the allocation & distribution of goods and services

A

Political Science

74
Q

The study of economy-wide aggregates such as inflation, unemployment, economic growth, and international trading.

A

Macroeconomics

75
Q

Intervention of money as medium of exchange

A

Finance

76
Q

Behaviors of consumer & producers in terms of their needs and wants

A

Psychology

77
Q

It is the study of individual decision-making units, such as firms and households

A

Microeconomics

78
Q

Anything that has useful value such as money, stocks, real estate, mineral deposits, etc.

A

Wealth

79
Q

Direct utilization of goods and services

A

Consumption

80
Q

Processing of Economic Goods are created

A

Production

81
Q

Four Factors of Production

A

Land, Labor, Capital, Entrepreneurship

82
Q

Defined as the inability to satisfy all wants because they exceed what we can produce with our resources

A

Scarcity

83
Q

What type of factors of production does investments belong to?

A

Entrepreneurship

84
Q

What type of factors of production does Natural Resources belong to?

A

Land

85
Q

Tools, machineries and factories are examples of what factor of production?

A

Capital

86
Q

What type of factors of production does Physical and Intellectual belongs to?

A

Labor

87
Q

Trading of goods for money, goods for goods, goods for services, services for services.

A

Exchange

88
Q

What are the concepts of Economics?

A

Wealth
Consumption
Production
Exchange
Distribution

89
Q

Unlimited needs and wants together with fixed resources

A

Scarcity

90
Q

Allocating the scarce resources to both household and business sector

A

Distribution

91
Q

What are the 5 economic questions?

A

What to produce?
How to produce?
How much to produce?
For whom to produce?
Who gets to make this decision?

92
Q

The things used to make other goods

A

Resources

93
Q

The fundamental Problem

A

Scarcity

94
Q

Things we would really like to have

A

Wants

95
Q

Things we must have to survive

A

Needs

96
Q

Decisions involve picking one thing all other possibilities

A

Trade off

97
Q

The value of the next best choice

A

Opportunity cost

Economics (6 decks)

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