Economic

1. Economic Terminology
Referencing the articles in the Module, using Word, define the following terms.

• Invisible Hand
• Capitalism
• Demand Curve
• Benefits of Free Markets
• Limitations of Free Markets
• Socialism
• Negative consequences of Socialism
• Communism
• Negative consequences of Communism
• Business Cycles

2. Economic theory
After reading the Keynes vs Hayek article  in the module and conducting additional research, using Word, answer the following questions. 

• Classical economists believe in the theory of the invisible hand. True    False
• Which economic theory believes in government intervention in the economy?
• How would classical economists deal with unemployment?
• How would Keynesian economists deal with unemployment?
• Which theory would you tend to subscribe to and why?
• What similarities do you see when comparing the theories to Republican and Democratic economic positions?
• Which theory, in your opinion, would the US economy most favor at this time?

 

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