Quiz 2 Flashcards
Three economic sectors
Agriculture Sector
Manufacturing Sector
Service Sector
Three outflows in the circular flow of income diagram
Taxes
Import
Savings
the french phrase which means “allow to do”
Laissez-faire
he addressed that “the unification of the legal system” as a potential source of happiness
Francisco Roma y Rosell
The greek word for “government of nature”
Physiocratie
Francisco Quesnay opposed that too much attention towards industry and commerce, rather he suggested the focus to ________
Agriculture
Atleast two types of government trade restrictions during the mercantilism period
Tarrifs
Quota
the idea of Mercantilism stems from the experienced of the Dutch from the ____________ country
Netherlands
mercantilism favored favorable “balance of trade” which aimed to gather more ________ and _______
Gold
Silver
Three inflows in the circular flow of income diagram
Export
Government spending
Investment
Enumerate three names of popular spanish economists for their liberalism
Miguel de Zavala y Aunon
Francisco Roma y Rosell
Gaspar Melchor de Jovellanos
refers to the economic theory, which defines the wealth of nation in terms of accumulated amount of gold, silver, and other precious stones.
bullionism
refers to the economic protection of gaining the sole right to produce and sell the product, for many buyers.
Monopoly
refers to many sellers producing highly differentiated products
Monopolistic
the words that state “the social order dictated by nature’s law”
Ordre Naturel
