chapter 13 section 4 Flashcards
mercantilism is a theory based _____
on the world contained only a fixed amount of wealth
that “wealth” is _____
gold
Physiocrats believe that natural laws should govern ______
economic life
Adam Smith published the ______ in 1776
the wealth of nations
adam smith was the founder of _____
classical economics
law of supply and demand governed
all business and economic activity
prices and profits depend on _____
both the amount of available goods and demand for goods
government should not interfere with the operations of business
Laissez-Faire
economic forces worked automatically and naturally
free enterprise
Thomas Malthus published the essay _______
principle of a population
people multiply more rapidly
than food supply increases
david ricardo published
principles of political economy and taxation
the iron law of wages says that
labor is scarce = ______
population grows=more workers=________
wages rise
lower wages
new social science of economics
dismal science
people who work to improve the conditions of others
humanitarianism
Jeremy Bentham said that the law is useful if it _________
benefits the greatest number of people
John Stuart Mill argued that government should
work for the good of the citizen
labor union’s objectives
better wages
better conditions
at first workers associations
were considered illegal
combination acts said that
workers who came together to protest could be imprisoned
management and union representatives met together and discussed wages, hours, and working conditions.
collective bargaining
