Gayest Theo Final

Front 1

capitalism

Back 1

economic system of a free market for goods and services that controls production and consumption

Front 2

command economics

Back 2

supply and price of goods and services are regulated by the government

Front 3

corrective justice

Back 3

equality in exchanges, both parties benefit from the exchange; equilibrium

Front 4

distributive justice

Back 4

how society distributes common goods to its members (social dimension) everyone participates but are given shares based on merit

Front 5

distributivism

Back 5

distribution of property will determine the relationship between labor and capital

Front 6

economics

Back 6

science that deals with the production, distribution and consumption of goods and services, or the material welfare of human kind

Front 7

economic rent

Back 7

any profit made beyond the value cost of labor

Front 8

emotivism

Back 8

GE moore's principa ethica morality is based solely on intuition so moral discourse is removed from faith and reasons

Front 9

equilibrium

Back 9

supply equals demand for every commodity including labor

Front 10

equity

Back 10

state of being impartial and fair; monetary value of property beyond debts owed to mortgage claims etc.

Front 11

homo economics

Back 11

fictional model assumes people have unlimited sources; self interest concerned only with what brings them the most pleasure

Front 12

incentives

Back 12

something that induces action

Front 13

invisible hand theory

Back 13

through self interest of all parties there will be equity in the free market

Front 14

intrasitive value of work

Back 14

eternal effect of labor, internal and spiritual growth, bridges dignity of work with that of a human person

Front 15

iron law of wages

Back 15

mathus: increase in the population of the poor leads to decrease in wages of the poor; all labor can only be paid as substinence amount.

Front 16

just price theory

Back 16

merchant entitled to ean enough to adequatly support his station in life; wages are related to needs of the worker

Front 17

just wage

Back 17

not less than enough for upright and thrifty worker to support themselves and families with possibility to save for future and own land.

Front 18

keynesian economic theory

Back 18

no invisible hand; must be regulated; psychology of market determines need for regulation

Front 19

laborem economics (pope john paul II)

Back 19

"excercise of labor" dignity of work, human persons work is for man, man is not for work.

Front 20

labor theory of value (ricardo)

Back 20

priced based on labor and past labor so profit= $-labor-capital

Front 21

labor theory of value (smith)

Back 21

price determined by labor needed to make product wealth based on labor, labor based on wealth.

Front 22

law of markets

Back 22

supply creates demand in free market self adjusts to equilibrium.

Front 23

marginal utility

Back 23

all things are given value by the subject that perceives his need at any moment

Front 24

marginal productivity

Back 24

rent on a parcel of land that equals the difference of the product of that land and the product of the least productive parcel

Front 25

market economics

Back 25

ased on division of labor where prices of goods and services are determined in a ree price system set by supply and demand

Front 26

natural exchange

Back 26

equality in value of production and consumption

Front 27

normative economics

Back 27

idea policy of "what ought to be"

Front 28

positive economics

Back 28

cause and effect "What is,what was, what will be" based on probability and statistics.

Front 29

rerun novarum (pope leo XIII)

Back 29

1891:private property is a human right land is for all people (of new things) limited government regulation, union, just wage.

Front 30

socialism

Back 30

means of producing and distributing goods owned collectively or by centralized government that plans and controls economy.

Front 31

scarcity

Back 31

shortness of supply; insufficiency, demand > supply.

Front 32

supply and demand theory

Back 32

in a competitive market price will function to equalize the quantity demanded: results in equilibrium of price and quantity.

Front 33

theology

Back 33

study of the nature of god and religious truth. study of religion and its influences on human life. theostlogos= study of god.

Front 34

tradition economics

Back 34

resources are allocated by inheritance.

Front 35

transitive value of work.

Back 35

temporal effects of prodution.

Front 36

universal destination of goods

Back 36

all goods produced in a market make their way back to the members of the market

Front 37

utilitarianism

Back 37

greatest good for the greatest number of people.