1. Economic Terminology
Referencing PowerPoint presentation in the Lesson, define the following terms.
Benefits of Free Markets
Limitations of Free Markets
Negative consequences of Socialism
Negative consequences of Communism
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?