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Economics

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Dixie Reilly

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Cards in this guide (8)
Who is the father of modern economics

Adam Smith

Which of these statements is not true about the circular flow model of economics

Firms use the factors of production to create capital and dividends.

What was stimulated by the economic events during the sixteenth century

Population growth. When the economy began to do better, people were better off and could live much longer lives.

Who was the first economist to challenge the views of Adam smith

David Ricardo , A+

Which of these describes a controlled econmic system
  • The government makes decisions about production and distribution of goods and services.
The products and services that are worth money and are provided by producers are referred to as which of these

economic value (A+ answer)

Circular flow refers to the economic model that describes which of the following

mutual circulation of income between producers and consumers

From which two theorists did Alfred marshall borrow the concept of the importance of cost to the supply of goods

Adam Smith and David Ricardo

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