SOCED203 Midterm Reviewer

Comes from the Greek word "oikonomia" (management of household).

• Economics

• History

• Politics

• Geography

Authored “The Republic”. It presented a blueprint for an economy in which cities are founded on key principles of specialization and division of labor.

• Xenophon

• Plato

• Aristotle

He was the student of Plato. In his “Topics and Rhetoric,” Aristotle viewed exchange as a way to satisfy individual and collective wants and not as a means for the state to accumulate wealth.

• Xenophon

• Plato

• Aristotle

Concept of economics as a focus of study began with the contributions of him.

He developed an instructional treatise on efficient management and leadership, which is entitled “Oeconomicus.”

• Xenophon

• Plato

• Aristotle

Believed in the importance of nature in the economic development of the country.

• Mercantilists

• Francois Quesnay & The Physiocrats

• Adam Smith

He was known to be the Father of Modern Economics.

• Mercantilists

• Francois Quesnay & The Physiocrats

• Adam Smith

The preoccupation of mercantilists focused more on the process of accumulation of wealth.

• Mercantilists

• Francois Quesnay & The Physiocrats

• Adam Smith

Known as the “Father of Communism,” shared his principles and ideals regarding the cause of poverty in society.

• Thomas Robert Malthus

• John Maynard Keynes

•  Karl Marx

He discussed the effects of the rapid increase of population.

• Thomas Robert Malthus

• John Maynard Keynes

•  Karl Marx

The government plays a significant role in maintaining equilibrium in the economy through public spending and keeping the balance among demand, supply, and market prices. He was considered as the “Father of Modern Macroeconomics."

• Thomas Robert Malthus

• John Maynard Keynes

•  Karl Marx