BUSINESS ADMINISTRATION
BUSINESS POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Keynesian economics
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Monetarism
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Classical economics
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Economics for the people
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Detailed explanation-1: -Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century.
Detailed explanation-2: -Neoclassical economic theory believes that markets will naturally restore themselves. Prices, and therefore wages, will adjust on their own in response to changes in consumer demand.
Detailed explanation-3: -Classical economics refers to the school of thought of economics that originated in the late 18th and early 19th centuries, especially in Britain. It focused on economic growth and economic freedom, advocating laissez-faire ideas and belief in free competition.
Detailed explanation-4: -According to Keynesian economics, state intervention is necessary to moderate the booms and busts in economic activity, otherwise known as the business cycle.
Detailed explanation-5: -Classical economics asserts that economies are self-correcting and function best with minimal government intervention.