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Eco Thought 101 > Chapter 1 > Flashcards

Chapter 1 Flashcards

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1
Q

The period between 470 A.D. to 1453 A.D. covering about 1000 years is generally known in history as the?

A

Medieval Period or the Middle Ages

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2
Q

It is the most ill-defined period in the world history, and roughly it has been put between the years 400 A.D. to 1500 A.D

A

Medieval Period or the Middle Ages

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3
Q

Is an instructional treatise on efficient management and leadership authored
by Xenophon.

A

Oeconomicus

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4
Q

He was an Athenian historian, philosopher, and soldier

A

Xenophon

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4
Q

Pertains toa great age before the Middle Ages

A

Antiquity

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5
Q

The greeks had a _________ economy

A

“pre-market” economy

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6
Q

This economy is described as an economy with “products that are neither uniform, nor traded on organized exchanges, nor analyzed for their own sake.”

A

Pre-market Economy

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7
Q

Pre-market economy is also knowned as?

A

Closed Economy

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8
Q

A “premarket” economy is like a natural economy, where people exchange goods through a?_____________; and they produced only for?

A

Barter System, Domestic Consumption

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9
Q

___________ is regarded as the main objective of an individual. This is also the attainment
of maximum satisfaction.

A

Happiness

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10
Q

Household Management

A

Oikonomia

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11
Q

One who makes decision for the society

A

Authoritarian Ruler (Macro)

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12
Q

Each family was patriarchal and success-driven, which led to the development of the individual male citizen as a fundamental decision maker. This is the one who makes the decision in a household

A

Father

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13
Q

Is a method determining the morality of an action to measure the degree of happiness caused by the act.

A

Hedonic calculus of rational self-interest

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14
Q

The Greeks formalized the active and rational pursuit of pleasure and avoidance of pain in their doctrine of?

A

hedonism

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15
Q

holds that all human beings live in a world of
natural abundance

A

Oikonomia

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16
Q

holds that human beings live in a world where means are scarce

A

Contemporary Economics

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17
Q

The head of the Ancient Greek’s household was known as

A

Oikodesptes

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18
Q

Three major works of Xenophon

A

Oeconomicus, Ways and Means, Hiero

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19
Q

In this work of Xenophon, he discussed the organization and administration of private and public affairs

A

Oeconomicus

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20
Q

In this work, Xenophon prescribed a course on the economic revitalization
of Athens in the middle of the fourth century BC. Athens then was defeated in the social war and was in the face of financial ruin.

A

Ways and Means

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21
Q

from financial difficulty of ancient greeks during war times

A

ways and means

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22
Q

Diminishing Marginal Utility

A

Hiero

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23
Q

Consumer will never achieve full satisfaction

A

DMU

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24
Q

Efficient Management

A

Oeconomicus

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25
Q

Hedonism is by?

A

Jeremy Bentham

26
Q

He was the founder of the Platonist school of thought, and the Academy, the first institution of higher learning in the Western world.

A

Plato

27
Q

Founder of Political Economy

A

Plato

28
Q

According to Plato, cities originated from?

A

exchange

29
Q

these were the tokens of exchange in the market

A

Money

30
Q

He believed that marketplace was not capable of self-regulation

A

Plato

31
Q

Government issued currency backed with national reserves/gold we have

A

Fiat Money

32
Q

is known in the field of economics for his theory of money.

A

Aristotle

33
Q

Aristotle specified five properties or money:

A

durability, divisibility, convenience,
uniformity, and intrinsic value.

34
Q

Aristotle favored the ?

A

mixed economy

35
Q

an economy where economic decisions are made by both the government and the market.

A

Mixed Economy

36
Q

he also favored private property for all classes because he believed that this will “…promote economic efficiency, engenders social peace, and encourages the development of moral character.

A

Aristotle

37
Q

History of Chinese Economic Thought started way back during the

A

Eastern Chou Dynasty (771-249 BC)

38
Q

The three writers in this golden age of Chinese philosophy

A

Confucianists, The Legalists, The Moists

39
Q

He was a Chinese philosopher and politician of the Spring and Autumn period, he emphasized personal and governmental morality, correctness of social relationships, justice, kindness, and sincerity.

A

Confucius

40
Q

should derive from people’s productive abilities and should be limited to one-tenth of the produce of the land;

A

Taxes

41
Q

Government spending, which includes palace expenditures, should be adjusted to
government revenues, not the other way around

A

on of Confucius’ economic principles

42
Q

The foremost obligation of the ruler is?

A

the well-being of the people

43
Q

these philosophers are strict with the application of widely publicized laws.

A

The Legalists

44
Q

advocated government by a system of laws that rigidly prescribed punishments and rewards for specific behaviors. They stressed the direction of all human activity toward the goal of increasing the power of the ruler and the state

A

The Legalists

45
Q

“rejected Confucian methods of decentralization, moral suasion, and
personal virtue in favor of centralized state power and legal mechanisms of control. His followers, wrote on monetary and fiscal policies, government monopoly, price stabilization, population, agriculture, and commerce.”

A

Kuan Chung

46
Q

This group of thinkers were led by Mo Ti

A

Moists

47
Q

believed in a kind of universal brotherly love as an antidote to mankind’s natural inclinations towards selfishness and injustice

A

Mo Ti

48
Q

The Muslims viewed economics as means to?

A

an end

49
Q

Muslims believed in

A

homo islamic, not homo oeconomicus

50
Q

is a Persian philosopher who was one of the most prominent and influential Muslim philosophers, theologians, jurists, and mystics, of Sunni Islam

A

Abu Hamid al -Ghazali

51
Q

Ghazali made specific contributions to four major areas of economic thought:

A

(1) voluntary exchange and markets
(2) the nature of production
(3) money and interest
(4) public finance

52
Q

Ghazali classifies his production
activities according to importance:

A

Primary Production - Agriculture
Secondary Production - Manufacturing
Tertiary Production - Services

53
Q

For him, usury was wrong.

A

Abu Hamid al-Ghazali

54
Q

was the economic organization in the Middle Ages

A

FEUDALISM

55
Q

According to him, price varied with wants. He did not explain this but just made the connection between the two variables: “If the price exceeds the quantity of the value of the article, or the article exceeds the price, the equality of justice will be destroyed; just price of things consists of a certain estimate;”

A

Aquinas

56
Q

argued that just price was a substitute for the unregulated, competitive, market price when markets had not yet reached the stage of development.

A

David Friedman

57
Q

one seller, one buyer

A

bilateral monopoly

58
Q

value is determined by the common need of something scarce; as long as there was abundance in the face of strong demand, indigentia would not raise price

A

Henry of Friemar

59
Q

described poverty as a state in which someone does not have that which he desires, which means that indigentia could be applied to luxuries and necessities. This was
backed by ability to pay

A

Jean Buridan

60
Q

focused on the scarcity and quality of human productive skills. This led him
to the theory of wage differentials

A

Gerald Odonis

61
Q
A
62
Q

The greek’s view of the world was _____, not ________

A

Anthropocentric, not Mechanistic

Eco Thought 101 (8 decks)

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