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Marknaden - priser, konsumenter och företag > modul 2 > Flashcards

modul 2 Flashcards

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1
Q

What was the shift in economic theory from mercantilism to Adam Smith’s ideas?

A

The shift was from the belief that wealth was a zero-sum game to the idea that wealth could be created through productive industries.

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2
Q

What is the concept of specialization and trade?

A

The idea that individuals should focus on one specific task and trade their expertise with others

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3
Q

According to Adam Smith, what are the key steps a nation takes to grow its wealth?

A

Investing in technology, expanding trade, developing infrastructure

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4
Q

What impact did Adam Smith and his book have on the modern world?

A

Created the foundation for economic rules and principles

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5
Q

What was the potential solution proposed by Adam Smith for a nation that ran out of easily accessible farmland?

A

Develop industry on existing land

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6
Q

How did Adam Smith’s ideas differ from mercantilism?

A

Adam Smith argued against mercantilism and its zero-sum game concept, advocating for free trade and the idea that wealth can be created through production and specialization.

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7
Q

What is Adam Smith’s argument against mercantilism

A

Mercantilism is a zero-sum game

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8
Q

According to Adam Smith, why would a wealthy American in the 1700s prefer investing in farmland rather than building a factory?

A

Farmland required less capital investment

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9
Q

Adam Smith’s theory of specialization and trade emphasized the importance of ______

A

People

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10
Q

Who is credited with recognizing the factors of production: land, labor, and capital?

A

Adam Smith

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11
Q

What is the impact of Adam Smith and his book on the modern world?

A

What is the impact of Adam Smith and his book on the modern world?

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12
Q

What did Adam Smith argue against?

A

Mercantilism

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13
Q

How did Adam Smith’s theory of specialization and trade contribute to wealth generation?

A

Adam Smith believed that specialization and trade allowed nations to grow their wealth by focusing on their industries, improving technologies, and educating their population.

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14
Q

Adam Smith’s ideas marked a shift in economic theory from ______ to his ideas

A

mercantilism

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15
Q

What was Adam Smith’s argument against mercantilism?

A

Mercantilism was a zero-sum game

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16
Q

What were Adam Smith’s arguments against mercantilism and the concept of a zero-sum game?

A

Adam Smith argued that mercantilism was outdated and that wealth could be created through productive industries, not just farming. He believed that wealth was not a zero-sum game.

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17
Q

Adam Smith is a ______ philosopher and author

A

Scottish

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18
Q

Who is Adam Smith?

A

A Scottish philosopher and author

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19
Q

Adam Smith believed that the role of government was to maintain ______

A

markets

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20
Q

What was Adam Smith’s view on the role of government in the economy?

A

Government should stay out of the economy except for maintaining markets

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21
Q

What are the factors of production according to Adam Smith?

A

Land, labor, and capital

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22
Q

What was the impact of Adam Smith and his book on the modern world?

A

Revolutionized economic theory

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23
Q

Why was control of the oceans considered vital during the mercantile period?

A

To facilitate the shipment of gold from the New World

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24
Q

What were the main factors that contributed to the growth of military conflict during the mercantilist period?

A

The establishment of colonies outside Europe

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25
What led to the end of the mercantilist era?
The signing of the GATT in 1947
26
What was the economic rationale for mercantilism in the sixteenth century?
To consolidate regional power centers
27
What did the Navigation Act of 1651 in England prohibit?
It prohibited foreign vessels from engaging in coastal trade in England and required that all goods imported from the continent of Europe be carried on either an English vessel or a vessel registered in the country of origin of the goods.
28
According to mercantilist doctrine, what was considered the principal benefit of foreign trade?
Importation of gold and silver
29
What is the economic rationale of mercantilism?
To protect domestic industries and promote trade
30
What did Adam Smith argue about trade?
It benefits both parties
31
How did mercantilism impact military conflict?
Military conflict between nation-states was more frequent and extensive during the mercantilist period.
32
What impact did mercantilism have on military conflict?
It resulted in the arms race between Germany, France, and England
33
What were some policies implemented by governments to protect domestic industries and promote trade?
Governments provided capital to new industries, imposed tariffs on foreign goods, and established colonies outside Europe.
34
What factors led to the end of the mercantilist era?
The rise of free trade policies
35
What were some policies implemented by governments to protect domestic industries during the mercantilist era?
Prohibiting the export of tools and capital equipment Providing capital to new industries Encouraging foreign manufacturers to move to their countries
36
What were some of the policies implemented by governments to protect domestic industries?
Governments provided capital to new industries, exempted new industries from guild rules and taxes, established monopolies over local and colonial markets, and granted titles and pensions to successful producers.
37
What did Adam Smith criticize about mercantilist doctrine?
The belief in the importation of gold and silver
38
According to mercantilism, the principal benefit of foreign trade was the importation of __ and ____.
gold and silver
39
What were some of the navigation policies implemented by France and England?
France increased port duties on foreign vessels entering French ports and provided bounties to French shipbuilders. England's Navigation Act prohibited foreign vessels from engaging in coastal trade, required goods imported from Europe to be carried on English or country of origin vessels, and required colonial exports to Europe to be landed through an English port.
40
What impact did mercantilism have on the relationship between governments and mercantile classes?
It strengthened the relationship
41
What was one of the criticisms made by Adam Smith against mercantilist doctrine?
Collusive relationship between government and industry
42
What was the impact of the Industrial Revolution on standard of living?
Increased standard of living
43
What was the significance of the steam engine during the Industrial Revolution?
It replaced animal and water power in mines
44
What were some of the changes brought about by the Industrial Revolution?
The changes brought about by the Industrial Revolution included a shift from agriculture to industrial work, the introduction of new technologies such as cars and radios, and increased division of labor.
45
What were some of the jobs that women typically did before the Industrial Revolution?
Farming and weaving
46
The Industrial Revolution had a profound impact on the __ of living.
standard
47
What were the effects of increased production on global and domestic markets?
Increased production during the Industrial Revolution led to the expansion of global and domestic markets, creating new economic opportunities and challenges.
48
What was one of the significant changes brought about by the Industrial Revolution?
Increased division of labor
49
What was one of the practical uses of porcelain in European society during the Industrial Revolution?
As dishware for hot drinks
50
What changes did the Industrial Revolution bring about?
The Industrial Revolution brought about changes such as division of labor and increased productivity.
51
What was the main factor that led to the rise of factories during the Industrial Revolution?
The demand for cotton textiles
52
What was the impact of industrialization on the standard of living in industrial cities?
Decreased living conditions and poverty
53
What was the significance of porcelain in European society during the Industrial Revolution?
It was a symbol of wealth and status
54
What were some inventions and innovations that contributed to the Industrial Revolution?
Some inventions and innovations that contributed to the Industrial Revolution include the flying shuttle, spinning jenny, water frame, and carding machines.
55
What was one of the risks faced by workers during the Industrial Revolution?
Failure of business ventures
56
Which invention played a significant role in the Industrial Revolution?
Steam engine
57
What were some of the risks and dangers faced by workers during the Industrial Revolution?
Long working hours
58
Who were the Luddites and what did they do?
Workers who protested by breaking machinery
59
What was the impact of the Industrial Revolution on the standard of living?
Increased standard of living
60
Women who had been spinning or weaving at home often switched to ______ during the early days of industrialization.
factories
61
Which invention contributed to the Industrial Revolution?
Steam engine
62
What invention revolutionized how much work could be done on behalf of humans?
Steam power
63
The rate of business failure during the Industrial Revolution was over ______.
50
64
What was the impact of industrialization on the demand for slave labor?
Increased demand for slave labor
65
How did the Industrial Revolution impact the standard of living?
It significantly improved the standard of living
66
Industrialization led to the rise of factories, which created a demand for various types of __
employees
67
What impact did industrialization have on the demand for slave labor?
Increased demand for slave labor
68
What were some of the initial reactions of those left out of industrial work life?
Protesting by breaking machinery
69
What were some of the inventions that contributed to the Industrial Revolution?
Spinning jenny and water frame
70
What were some of the inventions and innovations that contributed to the Industrial Revolution?
Some inventions and innovations that contributed to the Industrial Revolution include the steam engine, the spinning jenny, and the power loom.
71
What are the factors of production in an economy?
Land, labor, and capital
72
What is a free market economy?
A free market economy is an economic system where prices are determined by supply and demand, with minimal government intervention.
73
What is the concept of communism and socialism?
Communism is a classless society where everyone owns the factors of production and output is distributed equally. Socialism is an economic system where the means of production are owned and controlled by the state or the community as a whole.
74
Can you provide an example of a planned economy?
North Korea
75
What is the concept of the invisible hand in economics?
The role of consumers in a free market economy
76
Which of the following is an example of a planned economy?
China
77
Market economies are characterized by ______ ownership and control of the factors of production.
private
78
A command economy is characterized by __
government control over production and resource allocation
79
According to Karl Marx, communism is a ______ society.
classless
80
What is the concept of a free market economy?
A free market economy is an economic system where resources are allocated based on supply and demand, with minimal government intervention.
81
What is the difference between planned economies and market economies?
Planned economies are controlled by the government, while market economies are controlled by individuals
82
What factors influence the type of economy a country adopts?
consumer demand
83
What are the characteristics of a command economy?
In a command economy, the government makes all the economic decisions, allocates resources, and determines what goods and services will be produced and how they will be distributed.
84
What is the difference between a planned economy and a market economy?
A planned economy is controlled by the government, while a market economy is driven by supply and demand
85
What is the role of consumers in a free market economy?
Consumers determine what goods and services are produced through their purchasing decisions
86
Communism and socialism are economic systems that emphasize ___
collective ownership and control of resources
87
According to the reading, what is the role of the government in a free market economy?
Maintain the rule of law
88
Which country has a socialist market economy?
China

Marknaden - priser, konsumenter och företag (14 decks)

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