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Brief History of Economics: Unit 1, Section 1
Terms in this set (19)
When did the discipline of economics begin?
Where did it begin?
france, England and scotland
Who is the father of the modern discipline of economics?
What nationality was Adam Smith?
What is the name of Smith's major work that launched the discipline of economics?
the wealth of nations
What real world situation inspired Adam Smith to write The Wealth of Nations?
he was upset about nations' trading policies at the time.
Give an example of how Britain was a mercantilist nation because of how it treated the American colonies.
the American revolution
What famous American "party" occurred in resistance to British mercantilism?
Boston tea party
What was Adam Smith's stance on the best way to increase a nation's wealth?
most increased by free trade, not by accumulating gold and silver, and restricting trade.
How did his view differ from the Mercantilist point of view?
economic school of thought which argued that nations should collect as much gold and silver as they could and force their colonies to only trade with their mother country.
T/F: Smith believed that "self-interested" behavior of individuals leads to a better wealthier society.
T/F: Smith hated government interference in the economy.
What is an economic policy called which believes that the government should leave business alone called?
T/F: Most ancient economies were traditional and command economies.
Describe a traditional economy.
farming or fishing, or some other activity that is closely tied to the land; their economies aren't yet industrialized and they do things the same way they've always been done.
Describe a command economy.
the government directs all economic activity; there is no economic freedom.
What were many people's attitudes about wealthy people and wealth acquisition since Biblical times?
they viewed it as an immoral pursuit
What is usury?
money lending with interest
Who was banned from usury during the Middle Ages?
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