Ap Human Geography Chapter 1 Summary
Chapter 1
Lesson 1: Ancient Economic Thought
Pato – “Specialization has 2 effects” * It increases output and improves welfare of the individual in society by producing more goods and services, secondit is a component of justice. * Interpersonal relationship is necessary and justice exist when group does things that are in their nature.
Xenophone – student of Socrates * Division of labor and the allocation of resources whithing the Latifunda as a way to self-sufficiency. “Oeconomicus”
Aristotle – Oikomo,ils dealt w/ the production and consumption of goods Chrematistiks dealt w/ activities of money-making as well as some aspects of production.
Mercatilism – economic theory that holds properity of a nation …show more content…
* Its success led to the discovery of “Quantity Theory of Money” and inflation.
Physiocrats – group of economists who believed that the wealth of the nations was derived solely from the value pf land agriculture of land dev. * Anne Robert Jacques Turgot and Francois Quesnay
The Laissez-gaire Theory – French fo let do * George Whatley (Principles of Trade) co-authored by Benjamin Franklin * Doctrine that maintains that private initiative and production are best allowed in roam free, opposing economic intervention and taxation by the state beyond that which is perceived to be necessary to maintain indi.liberty, security, and property rights.
Lesson 2 The Indutrial Revolution and Classical Eco
Adam Smith – founder of Classical School * Developed an analysis of moral system, “the Theory of Moral Sentiment” and on eco “Wealth of the Nations” * WOTN says labor was paramount and a division in labor would affect a great inc in prod.
David Ricardo – The Theory of comparative …show more content…
Capitalism was doomed and soon be followed by business depressions, revolutionary upheavals and socialism.
Lesson 3 The Neo Classical Economics
Alfred Marshall – British economist * Specialization was microeconomics * Principles of Economics, the price and the output of the good were detrmined by both supply and demand. The two are like scissor blades that intersect ar equilibrium. * Consumer surplus and Producer surplus
The Keynesian Economics – the General Theory of Employment, interest, and Money * A Tract on Monetary Reform – variety of factors determined ecomic activity, and that it was not enough to wait for the long run market equilibrium to restore itself.
Chapter 2 The Basic Economics
Lesson 1 The World of Economics and its significance
Economics – a study of what constitutes rational human behavior in the indeavor to fulfill needs and wants. * OIKANOMIA meaning household management * Fajardo, proper allocation and efficient use of available resources. * Samuelson, how soxieties use scarce resources to prod valuable commodities and distribute them among diff people. * Nordhaus, science of choice. * Sicat, study on how idv and society makes
Lesson 1: Ancient Economic Thought
Pato – “Specialization has 2 effects” * It increases output and improves welfare of the individual in society by producing more goods and services, secondit is a component of justice. * Interpersonal relationship is necessary and justice exist when group does things that are in their nature.
Xenophone – student of Socrates * Division of labor and the allocation of resources whithing the Latifunda as a way to self-sufficiency. “Oeconomicus”
Aristotle – Oikomo,ils dealt w/ the production and consumption of goods Chrematistiks dealt w/ activities of money-making as well as some aspects of production.
Mercatilism – economic theory that holds properity of a nation …show more content…
* Its success led to the discovery of “Quantity Theory of Money” and inflation.
Physiocrats – group of economists who believed that the wealth of the nations was derived solely from the value pf land agriculture of land dev. * Anne Robert Jacques Turgot and Francois Quesnay
The Laissez-gaire Theory – French fo let do * George Whatley (Principles of Trade) co-authored by Benjamin Franklin * Doctrine that maintains that private initiative and production are best allowed in roam free, opposing economic intervention and taxation by the state beyond that which is perceived to be necessary to maintain indi.liberty, security, and property rights.
Lesson 2 The Indutrial Revolution and Classical Eco
Adam Smith – founder of Classical School * Developed an analysis of moral system, “the Theory of Moral Sentiment” and on eco “Wealth of the Nations” * WOTN says labor was paramount and a division in labor would affect a great inc in prod.
David Ricardo – The Theory of comparative …show more content…
Capitalism was doomed and soon be followed by business depressions, revolutionary upheavals and socialism.
Lesson 3 The Neo Classical Economics
Alfred Marshall – British economist * Specialization was microeconomics * Principles of Economics, the price and the output of the good were detrmined by both supply and demand. The two are like scissor blades that intersect ar equilibrium. * Consumer surplus and Producer surplus
The Keynesian Economics – the General Theory of Employment, interest, and Money * A Tract on Monetary Reform – variety of factors determined ecomic activity, and that it was not enough to wait for the long run market equilibrium to restore itself.
Chapter 2 The Basic Economics
Lesson 1 The World of Economics and its significance
Economics – a study of what constitutes rational human behavior in the indeavor to fulfill needs and wants. * OIKANOMIA meaning household management * Fajardo, proper allocation and efficient use of available resources. * Samuelson, how soxieties use scarce resources to prod valuable commodities and distribute them among diff people. * Nordhaus, science of choice. * Sicat, study on how idv and society makes