Wealth of nations smith - Study guides, Class notes & Summaries

WEBER: politics as a VOCATION PUZZLE: what defines the state? how do we define different kinds of legitimacy ? THE STATE -defined by the means it uses (violence) -pre modern vs. modern state -monopoly of violence over a given territory -human community that successfully claims the monopoly of legitimate use of physical force w/in a given territory -requires power (use of force), territory (fixed borders), people, external recognition (legitimacy) 3 FORMS OF LEGITIMACY TRADITIONAL ...

a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each individual unit declines correct answers economics of scale the basic difference between macroeconomics and microeconomics is correct answers microeconomics concentrates on the behavior of individual consumers & firms while macroeconomics focuses on the performance of the entire economy because of their relatively small national economies, which of the following is mos...

Which of the following lies primarily within the realm of macroeconomics? correct answers a study of how tax cuts stimulate aggregate production In which of the following countries will the national government have the greatest influence with respect to the nation's economy? correct answers Cuba In the ____________, households work and receive payment from firms. correct answers labor market In countries like _____________ the command economy predominates. correct answers Cuba and Nort...

Besides its utility, what else determines the value of a good by a consumer? - Answer-scarcity What is basic component of capitalism besides limited government, freedom of enterprise, and competition? - Answer-property rights When supply of good increases, what tends to decrease? - Answer-equilibrium Which economic system bases production of goods on customs and habits? - Answer-traditional Which economic system is regulated by the public sector? - Answer-command Which economic system is g...

Adam Smithwrote the wealth of nations labour is the source of value formulated capitalism invisible hand of the market- self regulating mechanism Thomas MalthusPrinciple of Population- population increases more than resources can supply Introduced scarcity economic carrying capacity David RicardoChallenges Adam smith vision of harmonious accumulation who gets what and who benefits? Law of rent- focused on production

POLITICAL SCIENCE EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED/ Acquiring Data through Content Analysis - -Documents are the "workhorse" of political science research. Traditional political science research relied almost exclusively on this type of information source: constitutions, court documents, historical records, secondary sources, etc. The written record, especially the "running record," has also been critical to purely statistical or what is often referred to as "quantitat...

Which of the following is among the reasons identified by Adam smith for why the division of labor increases an economy's total output? a) specialized workers are happier than are non specialized workers b) specialized workers each work on tasks for which they each have a comparative advantage c)specialized workers follow instructions better than do non specialized workers d) specialization of workers is more likely to encourage the development of machinery to perform specialized tasks e...

AGB 302 FINAL Set One- Ch 2,3,4,5 and 6 With Updated Correct Questions and Answers 100% A+ Graded political economy (think ecosystem) - CORRECT ANSWER-to stress that the political, economic, and legal systems of a country are interdependent; they interact with and influence each other, and in doing so, they affect the level of economic well-being. political system - CORRECT ANSWER--the political system of a country shapes its economic and legal systems -we mean the system of government ...

Adam Smith believed that if people were free to pursue their own interests, a. less would be produced than if altruism were the guiding principle. b. the public interest would be served quite well. c. they would generally apply their talents to unproductive activities that would generate little value to society. d. they would have little incentive to undertake productive activities. ANSWER: b 2. Modern economics as a field of study is usually thought to have begun with a. Adam Smith and t...

poverty Ans the inability to obtain goods or services understood as sufficient for social defined by minimal needs how does the US define poverty? Ans income poverty line Ans poverty and inequality Ans NOT THE SAME GINI index Ans A statistical measure of the distribution of income in a nation. A higher number indicates more in quality in incomes within a nation from 0-.1 which country has the highest GINI index Ans sierra leon adam smith Ans -wealth of nations -capitalist -ho...