Modern Economics as a Field of Study Is Usually Thought

question 96

Multiple Choice

Modern economics as a field of study is usually thought to have begun with

• A) Adam Smith and the writing of The Wealth of Nations.
• B) David Ricardo and the writing of The Principles of Political Economy and Taxation.
• C) Aristotle and the writing of Politics and Ethics.
• D) Moses and the Ten Commandments.

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Definitions:

Socialistic Economies

Economic systems where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

Free Market Economies

Economic systems where prices for goods and services are determined by the open market and consumers, with minimal government intervention.

Global Governments

Collective term for the official governing bodies of countries and nations around the world, each with its own system of management and regulation.

Global Recession

A period of worldwide economic decline, marked by reduced industrial production, trade, and investment, affecting multiple countries simultaneously.