Classical economists:What similarities do you see when comparing the theories to Republican and Democratic economic positions?

classical economists

1. Economic Terminology
Referencing PowerPoint presentation in the Lesson, 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 articles 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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