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Economic Theory and the U.s.a. Economy

Ofttimes Asked Questions

What is an economic theory?

An economical theory is used to explain and predict the working of an economic system to aid bulldoze changes to economic policy and behaviors. Economical theories are based on models developed by economists looking to explicate recurring patterns and relationships. These theories connect different economic variables to one another to show how they're related.
What is Keynesian economic theory?

Keynesian economics is a theory that says the government should increase demand to boost growth. Keynesians believe consumer demand is the primary driving force in an economy. Its master tools are government spending on infrastructure, unemployment benefits, and didactics. A drawback is that Keynesian policies could increase inflation.
What is the economical theory of mercantilism?

Mercantilism is an economic theory that advocates regime regulation of international trade to generate wealth and strengthen national ability. Merchants and the authorities work together to reduce the trade deficit and create a surplus. Mercantilism funds corporate, military, and national growth and advocates trade policies that protect domestic industries.
What is the economic theory behind socialism?

The economic theory backside socialism—an economy in which citizens share ownership of the diverse factors of product—is community or solidarity. Socialists believe people should value the freedom and well-beingness of others as much as their own, and that the economical system should back up that goal.
What is economic development theory?

Economic development theory aims to answer the question "why are some countries developed, only others less developed?" It focuses on the financial, social, and economical conditions in developing countries, such as health, education, and employment, to amend sympathize how they could exist improved.
What was Karl Marx'due south economic theory?

Karl Marx's economic theory critiques capitalism and how it is unjust because there is a struggle betwixt social classes when it comes to labor, production, and economical development. His theory suggests that communism may be a more than simply economic arrangement.

Cardinal Terms

Nationalism

Nationalism is an ideology by people who believe their nation is superior to all others. This sense of superiority often has its roots in a shared ethnicity.
Economies of Scale

Economies of scale are cost reductions that occur when companies increment production. The stock-still costs, like administration, are spread over more units of product. Sometimes, a company that enjoys economies of scale tin can negotiate to lower its variable costs, as well.
Law of Demand

The law of demand states that all other things existence equal, the quantity bought of a skilful or service is a function of price.
Laffer Curve

The Laffer Curve is an economic theory that describes the potential impacts of tax cuts on government spending, revenue, and long-term growth. Economist Arthur Laffer developed it in 1974. He argued that tax cuts have 2 effects on the federal budget: arithmetic and economic.
Imperialism

The word "imperialism" comes from the Latin term imperium which means "to command." Imperialism is the policy or deed of extending a country's ability into other territories or gaining command over another state's politics or economics.
Tardily-Stage Capitalism

Tardily-stage commercialism describes the unrealistic perspectives of the wealthiest one%. In the same vein, it highlights how the middle course is largely oblivious to the struggles of the poor.
Inelastic Demand

In economics, inelastic demand occurs when the demand for a product doesn't alter equally much as the toll. For case, if the toll increases 20%, but the demand only goes down past i%, the demand for that product is said to be inelastic.
Monetarism

Monetarism is an economic theory that says the coin supply is the most important driver of economic growth. As the money supply increases, people demand more. Factories produce more, creating new jobs.
Vertical Integration

Businesses are always looking for methods to reduce costs and command the quality of the products and services they provide. Vertical integration is when a company is able to create a competitive advantage past integrating different stages of its production process and supply chain into its business organization.
Supply-Side Economics

Supply-side economics is the theory that says increased production drives economic growth. The factors of production are upper-case letter, labor, entrepreneurship, and land.
Comparative Advantage

Comparative advantage is when a country produces a proficient or service for a lower opportunity cost than other countries. The benefits of buying the adept or service outweigh the disadvantages. The country may non be the best at producing something, merely the good or service has a low opportunity cost for other countries to import.

Illustration of 5 characteristics of a command economy

What Is a Command Economic system?

Wall on Mexico border

Nationalism: Definition, Examples, and History

Comparative Advantage vs. Competitive Advantage Competitive Advantage: Country, business, or individual provides better value than its competitors Comparative Advantage: Country produces a good or service for a lower opportunity cost than other countries

What Is Comparative Advantage?

Franklin Delano Roosevelt

How FDR Beat the Corking Low

5 traits of a traditional economy: centers around family or tribe, exists in a hunter-gatherer and nomadic society, trade relies heavily on barter, produce only what you need (surplus or leftovers are rare), they eventually evolve to form some form of currency for trade

What Is a Traditional Economic system?

Ronald Reagan giving a speech

How President Reagan Concluded the 1980s Recession

Economies of Scale

What Are Economies of Calibration?

US delegates attending the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference, in Bretton Woods, New Hampshire

How a 1944 Agreement Created a New International Monetary System

What Is Competitive Advantage?

Woman shopping for produce at grocery store

What Are Government Subsidies?

Consumer browsing in a grocery store

What Is the Income Consequence?

Women shopping

Vertical Integration Occurs When a Business Owns Its Supply Chain

keynesian economics vs. classic economics

How Keynesian Economics Works

Characteristics of a Mixed Economy

Shipping containers on a container ship at sea

President Donald Trump

President Donald Trump's Economic Plans and Policies

Tax cut

What Is the Laffer Curve?

What Is Late Phase Capitalism and Why Is It Trending Today?

shoppers-homeless trickledown

Does Trickle-Down Economics Piece of work?

Supply side economics

Decide for Yourself Whether Supply Side Economics Works

Why America Is Not Really a Gratuitous-Market place Economy

An illustration with the five determinants of demand with examples and formula.

5 Determinants of Demand With Examples and Formula

how the law of demand works

The Police force of Need Explained Using Examples in the U.S. Economic system

Politicians talking in government building

Nobel Prize-winning economist Milton Friedman attends a 1986 Beverly Hills charity dinner in his honor. Duringthe 1980s, Friedman's monetarist policies ruled.