ECONOMICS

We can distinguish four economic theories, the social -, institutional -, post Keynesian - and neoclassical economic theory. There is one theory with the assumption that all economic agents act entirely independently, thinking about their own self-interest and relying on individual, probabilistic risk of gain and loss for each individual decision they make.

• Social economics

• Institutional economics

• Post Keynesian economics

• Neoclassical economics

Question 2

We can distinguish four economic theories, the social -, institutional -, post Keynesian - and neoclassical economic theory. There is one theory that is closer to real-world people and social contexts.

• Social economics

• Institutional economics

• Post Keynesian economics

• Neoclassical economics

Question 3

We can distinguish four economic theories, the social -, institutional -, post Keynesian - and neoclassical economic theory. There is one theory that puts emphasis on the role of uncertainty and instability, recognizing that markets do not automatically lead to the highest well-being but have built-in shortcomings.

• Social economics

• Institutional economics

• Post Keynesian economics

• Neoclassical economics

Question 4

We can distinguish four economic theories, the social -, institutional -, post Keynesian - and neoclassical economic theory. There is one theory that acknowledges that economic behaviour is guided by group-level rationality.

• Social economics

• Institutional economics

• Post Keynesian economics

• Neoclassical economics

We can distinguish four economic theories, the social -, institutional -, post Keynesian - and neoclassical economic theory. There is one theory, which uses the Engel curve to explain how consumers divide their income between consumption and saving.

• Social economics

• Institutional economics

• Post Keynesian economics

• Neoclassical economics

We can distinguish four economic theories, the social -, institutional -, post Keynesian - and neoclassical economic theory. There is one theory emphasizing the important role of advertisement in consumer choice.

• Social economics

• Institutional economics

• Post Keynesian economics

• Neoclassical economics

Question 3

We can distinguish four economic theories, the social -, institutional -, post Keynesian - and neoclassical economic theory. There is one theory, which states that “We often are not maximizers of our goals but are simply satisficing them”.

• Social economics

• Institutional economics

• Post Keynesian economics

• Neoclassical economics

Question 4

We can distinguish four economic theories, the social -, institutional -, post Keynesian - and neoclassical economic theory. There is one theory that assumes that preferences are neatly ordered and fixed per individual and over time.

• Social economics

• Institutional economics

• Post Keynesian economics

• Neoclassical economics

Why is scarcity a relative concept and not an absolute concept?

• Because scarcity is about the relationship between cost and benefit

• Because access to resources can be controlled and manipulated by economic agents

• Because scarcity cannot be measured

• Because it depends on your income if you can afford a good or not

Question 2

What is economic pluralism?

• Diversity in supply and demand

• The view that everybody should learn economics, whatever their background

• The view that among a variety of theories only one can be the best

• The view that a plurality of viewpoints is valuable and contributes to the advancement of economics