Solution to a coincidence of wants (e.g. I want what you have but you don't want what
I have)
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Money
Thomas Hobbe's view of human nature
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people are innately dangerous, selfish, and corrupt, they need a gov. to
control them
,Equilibrium price
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desired seller price = desired buyer price
Natural liberty
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BRAT summer, do whatever you want!
Tyranny
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organized expression of power from one group or person
Adam Smith
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proposed market economies and the law of comparative advantage,
specialization, and the invisible hand
, Law of demand
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as prices rise, people buy LESS (demand lowers)
John Locke
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1. people should be sovereign
2. govs only role is to protect citizens' natural rights, (LIFE, LIBERTY,
PROPERTY)
3. if gov doesnt, citizens have the right to revolt
Mercantilism
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gov.-regulated economy to benefit the wealth of the country as a whole
(nation's wealth=King's treasury)
Opportunity cost
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I have)
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Money
Thomas Hobbe's view of human nature
Give this one a try later!
people are innately dangerous, selfish, and corrupt, they need a gov. to
control them
,Equilibrium price
Give this one a try later!
desired seller price = desired buyer price
Natural liberty
Give this one a try later!
BRAT summer, do whatever you want!
Tyranny
Give this one a try later!
organized expression of power from one group or person
Adam Smith
Give this one a try later!
proposed market economies and the law of comparative advantage,
specialization, and the invisible hand
, Law of demand
Give this one a try later!
as prices rise, people buy LESS (demand lowers)
John Locke
Give this one a try later!
1. people should be sovereign
2. govs only role is to protect citizens' natural rights, (LIFE, LIBERTY,
PROPERTY)
3. if gov doesnt, citizens have the right to revolt
Mercantilism
Give this one a try later!
gov.-regulated economy to benefit the wealth of the country as a whole
(nation's wealth=King's treasury)
Opportunity cost
Give this one a try later!
