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38 Cards in this Set
- Front
- Back
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During the enlightenment, who attacked the ideas of mercantilism?
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the Physiocrats
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What was mercantilism?
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the economic theory based on the belief that the world contained only a fixed amt. of wealth and had to take it from another country
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Why did the Pysiocrats disagree with the ideas of mercantillism?
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they believed that natural laws should be left to govern economic life, in the attempt of the government messes with these it screws it up
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Adam Smith was influenced by the ideas of these Physiocrats, and he stated his views on economics in his book….
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Inquiry into the Nature and Causes of the Wealth of Nations
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Adam Smith's book was published in….
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1776
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in his book, Smith focused on the……., and explaining the importance of…….and…….
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creation of wealth,manufacturing,agriculture
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Adam Smith is considered to be the founder of………
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classical economics
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Adam Smith stated there are two natural laws that all business and economic activity, what was one and describe it?
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1. law of suply and demand which states that prices and profit depend on the suplly and the demand for the item.
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Adam Smith stated there are two natural laws that all business and economic activity, what is the other?
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2. law of competion says that as manufactures compete with each other to sell there products, they must reduce prices.
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Smith Argued that mercantilist laws and regulations hindred……..
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natural economic forces
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His system was one of complete…….
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free enterprise
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Free enterprise justified competition unrestricted by…….
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laws, regulations, or government controls
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Who was Thomas Malthus?
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an economist and a Anglican clergyman
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Which book did he write?
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An Essay on the Principle of Population
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What did he say in his book?
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that population increases present the greatest obsticles to human progress. Despite famines, epidemics and wars he argues people still multiply more rapidly than food supply increases.
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Who wrote that working-class poverty is inevitable?
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David Ricardo
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He wrote the book…..
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Principles of Political Economy and Taxation
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Ppublished in…..
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1817
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He stated that supply and demand determine…….
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wages
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Please explain Ricardo's idea of the iron law of wages.
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when labor is plentiful wages remain low, but when there scarce the wages increase. As population grows more and more workers become avaliable.
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What does the phrase laissez-faire mean?
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let it be pr leave things alone
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Who are Humanitarians and what do they believe?
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people who work to improve the conditions of others and they believe that they should fix the working conditions of the mines and factories.
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What is the theory of utilitarianism and whose theory was it?
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belief that law was usefule if it led to " the greatest happiuness of the greatest number of people
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What book did John Stuart Mill publish?
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On the Subjection of Women
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What were some of the ideas that he argued for or against?
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he wanted women to have rights, also that governemtn should promote education and guarantee indvidual liberty. This included for one to think freely and to express ones own mind.
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Eventually, governments were pressured to reform certain buisness practices, such as shorter work days and improved working conditions. A great advance during this time was the Ten Hours Act. Which set……
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a 10-hour working day for women and children under 18
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However, most of these laws were poorly enforced, and reform laws did nothing to improve…..
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wages
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What is a strike?
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where people protest certain ideas or action by not doing their jods
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Were strikes always succesful?
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no
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Why or Why not?
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they didn't always because they could just let them go until, since they aren't getting any money to feed their family.
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These strikes were often put down when governemts…….
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used troops to arrest protesting workers
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Many of these strikers began to form associations called?
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unions
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How did these early unions work?
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they would collect dues from memebers and then use that money to pay workers if they went on strike
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Workers associations were considered illegal by……
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British, France and German laws
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What was the Combination Acts of 1799 and 1800?
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they stated that workers who united to demand higher wages, shorter hours and better working conditions
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What eventually happened to these acts?
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they were repealed
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What is collective bargaining?
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process of negotiation between management and union representatives
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Tariff?
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tax placed on imported goods; often used to protect industries from foreign competition
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