Economics: Module 5 Note Taking Guide Match

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Economics: Module 5 Note Taking Guide

1. Match the person to their biography by drawing a line:

Karl Marx Scottish philosopher and professor, authored “The Wealth of Nations.” Theories are that the government should not drastically change its policies when faced with economic crisis and that eventually the problems will resolve themselves through market forces (supply & demand). Lived from 1723-1790.

Adam Smith British author, most significant being his General Theory of Employment, Interest, and Money. Supports government borrowing money and spending tax dollars on programs that will help people to work and keep business in operation. Restrictions on banks and other businesses to prevent major economic swings. Lived from 1883-1946

John Maynard Keynes German who authored many works, most significant for economics is “Das Kapital”. As a supporter of his theories you are most likely to feel it is the government’s job to make all the economic decisions to promote stability. You would likely think it is unfair for the owners of corporations to share profits of their business without sharing them with everyone who works for the company. Live from 1818-1883.

2. Compare the different types of economies:

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