SOC SCI 1A Study Guide - Midterm Guide: National Urban League, Literacy Test, Mixed Economy

• School: UC-Irvine
• Department: Social Science
• Course: SOC SCI 1A
• Professor: Joanne Christopherson

Document Summary

The study of the management and use of financial resources within and across nations. Math orientated; only field that receives noble prizes. Economic resources: physical and financial capital (money, labor, natural resources, information and management) Macro and micro economics: larger systems vs smaller systems (specific units) What are the goals of economic policies: full employment (low unemployment, price stability (low inflation, growth of economy, fair income distribution, improve the quality of the environment, economic freedom (ability to chose our role in society/our telos) Traditional economy was that people made what they needed. Barter system: the exchange of service and goods for other service and good in return (no money system) Bartering and trading was the basis of the economy. The basis of wealth was land ownership and people made what they needed and traded with other people. Economics began with capitalism with adam smith in the 1800s.