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  • Father of Modern Theory of Employment
    John Maynard Keyens
  • Study of Living things
    Biology
  • what greek word does economy come from?
    oikonomia
  • it is the gain from choices
    Benefit
  • Father of Communism
    Karl Marx
  • Economics makes use of scientific method to examine and explain how society makes choices regarding the use of scarce resources. TRUE OR FALSE
    TRUE
  • Recorded struggle and progress made by man in the past
    History
  • decision made by people acting separatley from one another
    individual choice
  • Study of the behavior of the entire economy
    Macroeconomics
  • What laws did David Ricardo make?
    Law of Diminishing Marginal Returns:Laws of Comparative Advantage
  • Science that studies the composition of society
    Sociology
  • Economics explores the best possible utilization of limited resources. TRUE OR FALSE
    TRUE
  • study of the mind and how it influences human behavior
    Psychology
  • Refers to the value of alternative given up to obtain anohter item
    Opportunity Cost
  • When did economics begin
    Bronze age!!
  • the study of a small unit in an economy
    microeconomics
  • Who is the father of modern economics?
    Adam smith
  • Who discussed the effects of rapid increase in population and made a theory about it called?
    Thomas Robert Malthus:The Malthusian Theory
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