Unit 1 Flashcards
(21 cards)
whom did the economists join in key debates mentioned by the author speaker?
evangelicals
how did economists and humanitarians differ in their opinion of the value of humans
humanitarians said whatever was good for society as a whole, the economists were pro life and anti slavery
how have these two sides differed regarding the role of government in the economy
economist said tear down government barriers
who was quoted in love of money article
mother theresa
what did mother Teresa say about wealth
beginning of great evil, she never gives it a thought, a person attached to riches is poor
author was struck by a comment by a preacher who was said because
he had to spend so much time asking for money
john Wesley said what about money
he tried to get rid of it because it scared him
is wealth displeasing to God
no
why did the author say some pastors rarely visit the weak or poor in their flock
these people have no money
what does the author say people must do before giving money away generously
Give themselves to God
two definitions of economics
how people try to use limited resources to satisfy the unlimited needs and wants
production, distribution and consumption of goods and services
basic questions in society
what and how much to produce
how to produce
for whom to produce
factors of production
resources needed to produce labor land capital entrepreneurs
what does everyone have the same amount of
time
opportunity cost
value of next-best alternative forfeited because you chose something else
guns versus butter
defense versus practical food
four economic systems
traditional, command, market, mixed
five characteristics of free enterprise
economic freedom voluntary exchange private property profit motive competition
about traditional
everyone knows their role
new ideas discouraged, lack of progress
economic stagnation, low standard of livin
command economy
central government authority, decision made for the people
any authoritarian socialist system in which government controls the economy
democratic socialism - agree to increased taxes and increased government involvement
market economy
capitalism people buy what they want, dollars are votes personal freedom, initiative, individuality increased efficiency increased rate of economic growth only free enterprise can help variety of goods because of competition adapting to change promoting progress creation of wealth uneven economic growth with recessions growing gaps rules make it less free
