Friedrich Hayek was an Austrian Economist known for his work on the <em>Theory of Money</em>, which earned him a Nobel Memorial Prize in 1974. He openly supported classic liberalism, which emphasized the economic freedom of all individuals who formed part of society.
Hayek opposed expansionary spending (or expansionary monetary policy) because he considered, following principles of liberalism, that government intervention in the economy should be kept at its minimum expression. It is up to individuals and the economic relations they form as to whether an economy grows or not. The increase of money supply in a country could bring negative effects such as <em>inflation, </em>which is the sustained increase in the prices of goods and services.
Answer:
Menes
Many scholars believe the first pharaoh was Narmer, also called Menes. Though there is some debate among experts, many believe he was the first ruler to unite upper and lower Egypt (this is why pharaohs hold the title of “lord of two lands”).
Explanation:
It is important for us to learn about history So we don’t make the same mistakes as people did before . It’s also important so we can learn more about people and the importance of them
In economics, a circular flow model is a diagram that is used to represent the monetary transactions in an economy.
National income, output, and expenditure are generated by the activities of the two most vital parts of an economy, its households and firms, as they engage in mutually beneficial exchange.
Households
The primary economic function of households is to supply domestic firms with needed factors of production - land, human capital, real capital and enterprise. The factors are supplied by factor owners in return for a reward. Land is supplied by landowners, human capital by labor, real capital by capital owners (capitalists) and enterprise is provided by entrepreneurs.<span> Entrepreneurs combine the other three factors, and bear the risks associated with production.</span>
Answer:
Demand in relation to price
Explanation:
Demand curves show, quite simply, demand as it relates to the price of a product. So, one can see with a demand curve how demand would be affected by a change in price for a product.
