test Flashcards Preview

intro to business > test > Flashcards

Flashcards in test Deck (17)
Loading flashcards...
1

Key to progress is innovation, i.e. creative destruction

Schumpeter

2

Growth of the capitalist economy is uneven

Schumpeter

3

Modern economies are dominated by large concerns

Schumpeter

4

Labor is the basis of wealth

Smith

5

Division of labor implies economics interdependence

Smith

6

The individual pursuit of self-interest has possible beneficial effects

Smith

7

Government policies should facilitate private bargains

Croase

8

Firms are mini-command economies

Croase

9

Capitalism is a mixture of competition and command

Croase

10

Economic policy should promote well-being

Sen

11

Democratically elected governments more likely to address poverty

Sen

12

Famines are not the result of shortages of food

Sen

13

Government market intervention reduces instability

Keynes

14

Unemployment is a chronic problem in a capitalist economy

Keynes

15

The market system is not self-regulating

Keynes

16

Economic systems have dominant/subordinate classes

Marks

17

Members of classes work together in pursuit of common interests

Marks