Across
- 5. a word for something negative and 'ugly', Malthus and Ricardo painted this picture of the economy with workers always suffering
- 7. (three words) one of Smith's natural laws which governed business and economic activity
- 9. Smith's second natural law. As manufacturers compete, they must reduce prices.
- 10. (two words) Smith argued that this and regulations hindered natural economic forces.
- 12. - this British economist argued that working-class poverty is unstoppable
- 15. (four words), a principle of economist David Ricardo that as population increase, wages go down
- 16. group of economists from Enlightenment who attacked ideas of mercantalism
- 17. economic principle of theorists such as Adam Smith. It is the idea that governments do not interfere or 'meddle' in the economy. It literally means 'let it be' or 'leave alone' in French.
- 18. Scottish economist who agreed with Physiocrats and wrote 'Inquiry into the Nature and Causes of the Wealth of Nations'. The founder of classical economics.
- 19. - verb which means to set rules, make laws or control things
Down
- 1. when labour is this ' ', wages remain low (according to David Ricardo)
- 2. - the opposite of 'optimistic', this word is not in the textbook but you would use it to describe Thomas Malthus
- 3. group of people in the same industry who set regulations and rules, they regulate the quality of goods, working hours and prices
- 4. (two words) Malthus said this was the greatest challenge to mankind and human progress
- 6. economic theory based on the belief that the world contained only a fixed amount of wealth. In order to increase wealth, mercantilists argued a country should take wealth away from another country
- 8. (two words) Adam Smith believed in this principle
- 11. If an item was this ' ' then people would pay a high price for it and profits would rise
- 13. (two words) the subject 'economics' became known as this type of science
- 14. Anglican churchman who wrote 'An Essay on the Principle of Population'