Study sets, textbooks, questions
Upgrade to remove ads
A Brief History Of Economics Part 1
Terms in this set (19)
When did the discipline of economics begin?
In the 18th Century, that is the 1700s.
Where did it begin?
The modern discipline of economics developed in 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?
Unwise trading policies of the world power Great Britain, France, and Spain.
Give an example of how Britain was a mercantilist nation because of how it treated the American colonies.
Britain prevented the American colonies from trading with anyone but another country.
What famous American "party" occurred in resistance to British mercantilism?
The Boston Tea Party.
What was Adam Smith's stance on the best way to increase a nation's wealth?
How did his view differ from the Mercantilist point of view?
While Smith argued that wealth was created by enlarging markets through free trade Mercantilist were all about restricting markets by restricting trade.
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.
People do what has always been done.
Describe a command economy.
The government controls all economic activity.
What were many people's attitudes about wealthy people and wealth acquisition since Biblical times?
It was immoral.
What is usury?
Lending money with Interest.
Who was banned from usury during the Middle Ages?
Other sets by this creator
The Four Economic Systems
Productivity and Specialization
Scarcity and Opportunity Cost The Economic Problem
The Fundamental Assumptions of Economics
Other Quizlet sets
Apex Respiratory Mobile Flashcards, Apex…
BIO - Organic Functional Groups
SKIN, HAIR, AND NAILS