Unit 6: Economic Theorists and International Trade
Objectives:
Read pages 427-430; Answer section 1; Review on page 430 #'s 1-6
Read pages 439-446; Answer section 3; Review on page 446 #'s 1-5
- Cost push inflation vs. Demand pull inflation
- What are the basic beliefs of Classical Economists?
- What are the basic beliefs of Keynesian Economists?
- What are the basic beliefs of Monetarist Economists?
- What are the basic beliefs of Supply - Side economists?
- What are the main differences between perfect competition, monopolistic competition, oligopolistic competition and monopolies?
- How would each category of economists handle a particular problem? i.e.. unemployment.
- What are the positives and negatives of each business structure?
- What are the costs and benefits of free trade?
- What is a cartel?
- Why do many oppose free trade? Are their concerns justified?
- What is comparative advantage?
- What is protectionism?
Read pages 427-430; Answer section 1; Review on page 430 #'s 1-6
Read pages 439-446; Answer section 3; Review on page 446 #'s 1-5