What Was Friedrich Hayek Economic Theory? Friedrich Hayek believed that the prosperity of society was driven by creativity, entrepreneurship and innovation, which were possible only in a society with free markets. He was a leading member of the Austrian School of Economics, whose views differed dramatically from those held by mainstream theorists. What was Hayek
Which Consideration Must Be Addressed When Deciding For Whom? Answer: Who has the greatest need. The consideration that must be addressed when deciding for whom to produce is to determine who needs the goods and services that are to be produced. Which factors are considered when deciding how do you make goods? Factors considered when
What Were The Cons Of The Gilded Age? Pros of Big Businesses Cons of Big Businesses Provide jobs Abuse of workers (bad pay, poor conditions) cheaper goods pollution faster production abuse of power/influence politicians money to spend on developing new technology overtake small businesses What were negatives of the Gilded Age? Unhealthy & Dangerous Working
Which Of The Following Forces Us To Make Choices Scarcity? Scarcity forces us to make choices because we do not have enough resources to produce all the goods/services in the amounts that are desired so people must choose which goods/services we value more. Why does scarcity force people to make? The ability to make decisions
What Was President Herbert Hoover Response To The Great Depression? During the Great Depression, the president gave $25,000 each year to help those suffering. He also encouraged other wealthy individuals to donate their money, Page 2 clothing, or food to charity. Volunteer organizations, such as Volunteers of America, provided relief to millions of Americans during
Which Economics Course Is Best? Economics Courses (edX) … College Economics Courses Online(Coursera) … Paul Krugman Teaches Economics and Society (MasterClass) … Economics (MIT Open Courseware) … Principles of Economics (Stanford Online) … Online Economic Courses (Harvard University) Which economics degree is best? Massachusetts Institute of Technology. Princeton University. Stanford University. University of California–Berkeley. Yale
Which Of The Following Theory Was Developed By Adam Smith? Adam Smith’s economic theory is the idea that markets tend to work best when the government leaves them alone. What is development according to Adam Smith? According to Adam Smith, the natural course of development is first agriculture, then industry and finally commerce. Agriculture creates
What Would A Consumer Most Likely Perform? Which activity would a consumer most likely perform? sufficient products to meet consumer wants. What best describes the role of a consumer? Which best describes the role of a consumer? … interactions between producers and consumers. What factors are considered when deciding goods and services? Factors considered when
When It Is Believed That The State Should Not Interfere In Economic Matters This Is Referred To As? laissez-fair economics. The state should not interrupt the free play of natural economic forces by imposing government regulations on the economy. The state should leave the economy alone. Who believed the state should not interfere in economic
Which Economic System Does Laissez Faire Favor? Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century and believes that economic success is more likely the less governments are involved in business. What is laissez-faire and why does it