Ecocnomist And Economic Laws Flashcards
The law of economics are applicable whether the economic whether the economic system or government is
Capitalist socialist or communist
The general rules or principles guiding the production distribution and consumption of goods
Laws of economics
To build up the states treasury building well equipped armies fleets making it a major power in the affairs of nations
Mercantilism
From early 16th century until nearly the close of the 18th century the principle states of Europe followed the set of economic policies
Mercantilism
The difference in value of the goods that a country sells abroad compared to those it purchases from other countries
Trade balance
Mercantilists sought to attain a ____ balance of trade meaning that they sought to export a greater value of goods than they imported thereby bringing in more money than they paid out
Favorable
Taxes that governments apply only to imported goods
Tariffs
The establishment of colonies and extensive territories created to benefit their mother countries
Imperialism
In exchange for protection colonies were expected to supply ____ and ___ from new mines and raw materials for the factories in the mother country
Gold and silver
Became the largest and most prosperous city in Scotland in the 18th century through importing processing and distributing Virginias annual tobacco crop
Glasgow
The rule of nature
Physiocracy
The theories developed by economists of the 19th and 20th centuries that stated that the free market was the best possible economic system
Classical economics
The founder of modern economics
Adam smith
The separation of work into individual tasks
Division of labor
The division of tasks among workers allowed the production of goods by people doing the jobs they did best
Specialization
