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What is the primary goal of a circular economy?

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The primary goal of a circular economy is to minimize waste by reusing goods and services in biological or technical cycles. This reduces the need to acquire new products, promoting sustainability.

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What does behavioral economics study that traditional economic models often overlook?

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Behavioral economics examines the role of psychological and social factors on economic decisions, unlike traditional models which may not account for these influences.

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Who was a primary advocate of monetarist ideas and opposed many Keynesian policies?

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Milton Friedman

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What was John Maynard Keynes' main assertion in his economic framework?

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Keynes advocated for governmental intervention and stabilization policies, especially during market failure, to restore full employment.

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Intermediate

Which economist highlighted the conflict between labour and capital and predicted the collapse of the modern economic system?

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Karl Marx

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What does Say's Law state in economics?

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Say's Law, formulated by Jean-Baptiste Say, posits that the production of goods and services creates an aggregate demand sufficient to purchase them, effectively stating 'supply creates its own demand'.

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Differentiate between total utility and marginal utility.

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Total utility measures the total satisfaction from consuming a product, whereas marginal utility is the satisfaction gained from an additional unit.

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Intermediate

Who introduced the framework of demand and supply using price-quantity diagrams?

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Intermediate

Alfred Marshall

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What was the primary focus of 19th-century classical economists?

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19th-century classical economists mainly focused on production, the supply of goods, determining wages, and analyzing profits in the economy.

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What is Adam Smith's famous metaphor that symbolizes the market's self-regulating nature?

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The "invisible hand".

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