what is economics?

economics is the political science of encouraging people to provide for themselves and provide the government necessary income

what is a christian worldview on economics?

God commanded humans to work to provide for themselves by serving others with an ethic of love

what is the goal of the study of economics?

the goal of economics is to increase the prosperity of a nation by creating more goods and services

what is the biblical worldview on work?

God commanded humans to subdue the earth to produce good things for life and enjoyment (Genesis 1:28)

what is the biblical worldview on profit?

profit is a good result of hard work (Proverbs 14:23)

what is the biblical worldview on money?

money is good but loving money is a sin (Psalm 62:10; 1 Timothy 6:10)

what is the biblical worldview on private property?

people have a right to own property, and the government should protect personal property (Exodus 20:15)

what is hunting and gathering?

hunting and gathering is an economic system of hunting animals and gathering fruit

what is subsistence farming?

subsistence farming is an economic system of owning a farm to produce food for one's own family

what is slavery?

slavery is an economic system of the forced ownership of people

what is tribal ownership?

tribal ownership is an economic system of the communal ownership of land

what is feudalism?

feudalism is an economic system where the landlord owned the land and allowed serfs to live on and work the land

what is mercantalism?

mercantilism is an economic system in which the nation's exports where greater than their imports and their supply of metals increased

what is socialism?

socialism is an economic system of state-controlled redistribution of wealth

what is communism?

communism is an economic system in which the people own nothing and they will be happy about it

what is the welfare state?

the welfare state is an economic system in which the government provides all types of benefits to the people

what is free market capitalism?

free market capitalism is an economic system based on private ownership and free choice

what are goods?

goods are all material items that are created and sold

what are services?

services are all intangible commodities provided with monetary value

what is gross domestic product?

the GDP is the actual wealth of a nation based on what the nation produces or purchases from other nations to satisfy the needs and wants of the people

what is division of labor?

division of labor increases productivity when a business divides up the production into smaller steps

what is specialization?

specialization increases productivity when a business trains the workers to focus on a few of those smaller steps

what is cooperation?

cooperation occurs when numerous specialists work together

what is the invisible hand?

the invisible hand is the non-human force guided by human need causing cooperation among millions of specialist to create goods. ultimately God is the invisible hand

what is bartering?

bartering is trading goods for other goods or services

what is money?

money is a medium of exchange that can represent the value of goods that can be exchanged in other places for goods and services

what is the cause of inflation?

inflation is caused by the increase of the money supply

what is the law of demand?

the law of demand is that if the demand of goods and services increase, then the price increase, and if the demand decreases, the price decreases

what is the law of supply?

the law of supply is that if the supply of goods is lower than the demand, competition drives the price of the good up, if the supply is higher than the demand, competition drives the price down

what are the five principles of taxation according to Adam Smith?

taxes should be proportional, consistent, convenient timing, limited, and supportive of businesses

what is the progressive tax plan?

progressive taxation requires the rich to pay a higher percentage in taxes than the poor

what is the regressive tax plan?

regressive taxation requires the poor to pay more taxes than the rich

what is the fair tax plan?

the fair tax is a proportional tax of 23%

what is the flat tax plan?

the flat tax is a proportional income tax of the same percentage of income

what is malthusianism?

malthusianism, led by thomas malthus, is a philosophy that teaches that human population must be decreased so that population does not exceed the food supply

what are the three reasons for poverty?

people become poor because they do not produce valuable goods or services, cannot produce goods or services, or they choose to be poor

what is the main cause for national wealth?

national wealth is primarily linked to economic freedom and political freedom

what is the only long-term solution to poverty?

the only long-term solution to poverty is starting businesses and creating jobs