Economists - Study guides, Class notes & Summaries

THIS DOCUMENT CONTAINS ECS1501 ASSESSMENT 9 OF 2023 SEM 2 expected questions and answers . THESE QUESTIONS WERE COMPILED FROM OTHER ASSESSMENT TAKERS AND SOLUTIONS PROVIDED BY TOP ECONOMISTS. STUDYING IT FIRST WILL HELP YOU SCORE ABOVE 75%. THIS DOCUMENT IS FOR STUDY AND RESEARCH PURPOSES

Adam Smith - Answer-1723 to 1790; Scottish; The founder of ECONOMICS as we know it. Born in Kirkcaldy, Fife, Adam Smith (1723-90) was educated at Glasgow and Oxford, and in 1751 became professor of logic at Glasgow University. Eight years later he made his name by publishing the THEORY OF MORAL SENTIMENTS. His 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations, is the bible of CLASSICAL ECONOMICS. He emphasized the role of specialization (the DIVISION OF LABOUR), TECHNICAL...

Economists in order - Answer-Adam Smith (1776) John Stuart Mill (1848) Joseph Schumpeter (1942) Paul Samuelson (1948) Milton Friedman (1962) Gary Becker (1967) John Rawls (1971) Richard Thaler (2009) Adam Smith () - Answer-the world's first free-market capitalist father of modern economics ideas are the foundation of the classical school of economics - "The Theory of Moral Sentiments" in 1759 - "The Wealth of Nations" in 1776 Smith major contribution - Answer-Invisible Ha...

Mercantilists - Answer-Those who believe in the benefits of profitable trade or commercialism. Originates from economic theory that trade generates wealth and it is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism Colbert - Answer-Advocated strong government intervention in the economy, saved France from depression by balancing trade Physiocrats - Answer-developed in the 18th century by French enlightenment economists who ...

(Adam )Smith -Answer- () Scottish philosopher and economist. Though he wrote on nearly every subject of moral and social philosophy, he is remembered as the author of An Inquiry into the nature and causes of the Wealth of Nations (1776) and as the creator of the metaphor of the "invisible hand." This work more-or-less single-handedly founded the Classical school of economics. (David )Ricardo -Answer- () English economist. Ricardo is best known for Principles of Political Economy and Taxatio...

Most economists agree that __________ and _________ were the root causes of the economic downturn. - - sub-prime mortgages - other risky financial instruments Financial statements prepared by organizations play an important role in keeping America's markets efficient, what do financial statements provide? - - meaningful disclosures of: ---where a company has been ---where it is currently ---where it is going Financial statement fraud is also referred to as ______________. - - management...

Thomas Robert Malthus - Answer-population will always tend to outrun the food supply and that the increase of population will take place in a geometrical progression John Stuart Mill - Answer-key figure in the movement known as utilitarianism & founding the concept of human well being in being proponent in the liberal philosophy. Gary Stanley Becker - Answer-Human behavior relates to economics. "My work on human capital began with an effort to calculate both private and social rates of re...

F 1 Economists growth gross domestic unemployment factors that affect growth. GDP GNP Updated Questions and Answers 2023 Solved Correctly

1) Need - Answer-Basic requirement for survival 2) Scarcity - Answer-Not having enough resources to produce all the things people need and want 3) TINSTAAFL - Answer-(there is no such thing as a free lunch) everything has a cost, even when it says it's free 4) Economists - Answer-The study of how people try to satisfy unlimited needs and wants through use of limited resources 5) Land - Answer-Natural resources (not made by people) 6) Capital - Answer-Tools, equipment, machinery, ...

ECS1601 Assignment 7 (DETAILED ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references ,... Question 1 (5 marks) Maximum word count: 100 words 1.1 Suppose you live in South Africa and have the option to buy proudly South African products or international brands. With reference to the circular flow of goods and services and the circular flow of income and spending between households, firms, government and the...