History of Econ Flashcards
True/Genuine wealth limited
Aristotle
During Hebrew economic era, He give sufficient incentives for the development of trade and Commerce
King Solomon
Agriculture was given the most important place in society
Hebrew Economic Era
Happiness is what type of cause?
Final Cause
The economic thought during this period was mixed with ethics and philosophy.
Ancient Economic Era
What was mixed with the ancient economic thought?
Ethics and Philosophy
There was no tax system in the society
Hebrew Economic Era
What system was not existing in Hebrew Economic Era?
Tax System
It was not fully developed during Hebrew Economic Era but King Solomon give sufficient incentives.
Trade and Commerce
Example of limited genuine wealth
Agriculture and Mining
What type of cause is the Body of Human Being: Male or Female
Formal Cause
Unnatural wealth limited
Aristotle
It has a high regard for agriculture
Roman Economic Era
Hebrew maxims
“Although trading gives greater profit, there may be loss in a moment, therefore never hesitate to buy land”
He believed that the essential need of mankind are food, clothing, and shelter
Plato
They are the laborers who make the goods and services in the society.
Producers/Workers
Who were told not to collect interest on money from the poor?
Hebrews
It was utilized for the construction of buildings, roads and other public utility services.
Labor Services
Plato
-Division of labor
-Currency System
-Individual Subordinate to the State
-Public Transportation and Finance
Division of Labor
Plato
He claim that money was a useful way of facilitating exchange
Aristotle
It deals with different thinkers & theories in the subject that became political economy and later economy
History of Economics
What are the 3 types of classes in Plato’s ideal society
Producers/Workers, Auxiliaries, Guardians
What was the main purpose of poor Hebrews borrowing money which is the reason why Hebrews do not collect interest on money
Consumption
The human being’s parents is the type of what cause?
Efficient Cause
Those who keep order in the society and protect it from invaders
Auxiliaries
They give preference to agriculture
Hebrews
He did not favor the idea of allowing gold and silver to be common to men
Plato
Where was the Hebrew women expert at?
Weaving and Spinning
It was traditional during Hebrew economic era
Agriculture
Money was used in the form of ______
Bullion
What was Plato’s main contribution?
Account of division of labor
What type of Cause is the following: Skin, muscles, tissues, organs, and various chemicals?
Material Cause
He recognized the value of money as a medium of exchange
Plato
They are the Philosopher Kings who rule over the other classes gently and selflessly
Guardians
They were in favor of using gold as money
Roman Economic Era
Four causes of Human Being
- Formal cause
- Material cause
- Efficient cause
- Final cause
It deals with the origin and development of economic ideas and their interrelations
History of Economics
The Hebrews during Hebrew economic era used ____ as their main form of property.
Land
This period was against money making
Roman Economic Era
Money measure of wealth store value
Aristotle
It did not exist in the Hebrew Economy
Taxes
They are experts at weaving and spinning
Hebrew women
Considered the science of economics of home management as well as the art of wealth getting and wealth spending.
Greek Economic Era
During ancient era, It was not organized , scattered, and haphazard
Ancient Economic Thought
It was used mainly in the form of Bullion
Money
The period where charging of interest at low rates were justified
Hebrew Economic Era
Plato’s famous writings that became the most important economic thought during Greek Economic Era
The Republic and The Laws
Not based on any systematic paradigm. Economic thought was not organized. It was scattered and haphazard
Ancient Economic Era
It was not original as it was mainly derived from Greek Economic Era
Roman Economic Era
They are also called Doctors or Scholars
Medieval Writers
He was responsible for the development of of medieval thought.
St. Thomas Aquinas
According to him, Value is nothing but the just price
St. Thomas Aquinas
It is a national economic policy thta is designed to maximized the exports of nation.
Mercantilism
He supported the division of Labor society
St. Thomas Aquinas
He was in favor of private property because it was consistent with natural law of the land.
Thomas Aquinas
What Greek word does economics was derived from?
Oikonumia
The goal was to increase the nation’s wealth by imposing government regulation
Mercantilism
It was essential for conducting wars
Money
He was responsible for the development of the study of economics
Adam Smith
What does oikonumia means?
Household management
Labor theory of Value
David Ricardo
The price should include the cost of production, risk, and carriage charges
St. Thomas Aquinas
He termed economics as a science of household management
Aristotle
He termed economics as a science of household management
Aristotle
He was coined as the Father of Economics
Adam Smith
Principles of Economics and Taxation
David Ricardo
Father of Communism
Karl Marx
Past events used in decision making
History
Relationships of actors of economy
Sociology
“Money using Economy”
Finance
Communist Manifesto
Karl Marx
The intervention of public administrator in the allocation & distribution of goods and services
Political Science
The study of economy-wide aggregates such as inflation, unemployment, economic growth, and international trading.
Macroeconomics
Intervention of money as medium of exchange
Finance
Behaviors of consumer & producers in terms of their needs and wants
Psychology
It is the study of individual decision-making units, such as firms and households
Microeconomics
Anything that has useful value such as money, stocks, real estate, mineral deposits, etc.
Wealth
Direct utilization of goods and services
Consumption
Processing of Economic Goods are created
Production
Four Factors of Production
Land, Labor, Capital, Entrepreneurship
Defined as the inability to satisfy all wants because they exceed what we can produce with our resources
Scarcity
What type of factors of production does investments belong to?
Entrepreneurship
What type of factors of production does Natural Resources belong to?
Land
Tools, machineries and factories are examples of what factor of production?
Capital
What type of factors of production does Physical and Intellectual belongs to?
Labor
Trading of goods for money, goods for goods, goods for services, services for services.
Exchange
What are the concepts of Economics?
Wealth
Consumption
Production
Exchange
Distribution
Unlimited needs and wants together with fixed resources
Scarcity
Allocating the scarce resources to both household and business sector
Distribution
What are the 5 economic questions?
What to produce?
How to produce?
How much to produce?
For whom to produce?
Who gets to make this decision?
The things used to make other goods
Resources
The fundamental Problem
Scarcity
Things we would really like to have
Wants
Things we must have to survive
Needs
Decisions involve picking one thing all other possibilities
Trade off
The value of the next best choice
Opportunity cost
