Leon walras Study guides, Class notes & Summaries

When we refer to "individual" action, we are referring to: - ANSWER a variety of actors that in microeconomic terms can be referred to as sellers (producers) and buyers (consumers). These actors influence the supply of and demand for goods and services. The means for achieving coordination are generally money and interest rates. normative science - ANSWER the idea that science follows objective rules of evidence and is unaffected by the personal beliefs or values of scientists Microe...

This studying document contains knowledge on Theorists of POLITICAL ECONOMY. These theorists have established a foundation that provides insight into a deeper understanding of the knowledge while fostering critical thinking of the ideas within the field of POLITICAL ECONOMY.

Exam Preparation: Herewith all the questions (according to sections) of the last 6 exam papers. Section A: This section counts 40 marks – have to explain 8 concepts counting 5 marks each.  The fear of goods One of the principles of the Mercantilist school is duty free importation of raw materials that could not be produced domestically, protection for manufactured goods and raw materials that could be produced domestically and export restrictions on raw materials. Emphasis on export...