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13 Cards in this Set
- Front
- Back
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goal
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explaining the reasons and circumstances affecting the economic wealth of nations.
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merchantalism
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tradition in economic thorugh think about possesions, holdings. (of the state).
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protectionism of trade
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implication of merchantalism.(maximum flow into country and minimum flow out).
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labor theory of value
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value of something is determined by how much labor goes into it.
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division of labor
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policy for everybody's (improve life of everybody), different people preforming differnet tasks in line of production.
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three mechanisms of division of labor
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increase skills, save transistion time, and technological development.
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comparitive advantage of division of labor
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mike/diana don't have to be better than prof at making things one just doesn't want to do that thing (better at they will make and you chose thing you best at.)
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the invisible hand of the marker
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price mechanism has same idea, better bread higher quality, higher price).
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the political economy argument/ political economy/ joint pursuit
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economic factors effect both political and economic welfare. political stability, successful enforcement of law, and domestic peace.
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bernard mandeville
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fable of bees, private vices public benefis.
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annual labor
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the fund which provides all a nation needs annually and consists of immediate labor or stuff bought with that labor production from other nations.
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long lease
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- the tenants would have to pay a large amount of money, but would be secured in their profit until they could raise the money again for another lease.
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absolute advantage
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having the best of everything, being the best at everything. making bread etc.
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