Reference no: EM132109564

Question: Answer the questions and submit to me via Canvas.

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?