| Term | Definition |
|---|
| Protestant reformation | Calvin said that hard work leading to accumulation of wealth was good, challenged existing beliefs |
| mercantile system | economic syste of control, ensured that the nations gained more than the individual |
| laissez-faire | hands off, free the economy from the government, quesnay |
| the invisible hand | belief that individuals pursuing thier own wealth will spead this wealth through their urchases therefore sharing it with the group |
| What will be produced | buisness person decides and then consumer adjusts decisions |
| How should it be produced | decision based on what is the most cost effective |
| how will it be distributed | the more income you have the more you can have, therefore the consumer determines the answer to this |
| who makes the decisions | producers decide what, consumers determine if this will continue |
| trickle down effect | incresed wealth for upper class means benifit for the lower class |
| supply side economics | giving suppliers incentives will foster economic growth |
| profit motive | people motivated to earn will work harder |
Combine with other sets
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