1.

J B Say's say's law of market, define

ANS:J B Say developed the concept of Say's law of market. According to J B Say, “supply creates it’s own
demand”.

2. Physiocracy define?

Ans: physiocrats were a group of writers who developed a body of economic theory in France in the 18 th
century.

3. Define Natural order of physiocrats?

Ans: The physiocrats developed the concept of natural order. According to physiocrats, the natural order
is an ideal order given by God. They all believed in God and considered the natural order the work of
God.

4. Define laissez faire?

Ans: laissez-faire, is a policy of minimum government interference in the

economic affairs of individuals and society. Laissez fair means minimum
control by Govt. Oppose almost all forms of Govt restrictions.
5. Tableau Economique?
Ans: Tableau Economique is a graphical representation of circulation of wealth. Tableau Economique is
also known as Economic Table.

6. Define Mercantalism?

The economic ideas and policies which were followed by European sates men from the 15th century to
the 2nd half of 18th century have been generally described as mercantilism.

In Germany mercantilism known as kameralism.

In France, mercantilism known as colbertism

Mercantilism also known as bullionism.

7. Balance of trade?

Balance of trade idea was the central doctrine in the marcantalist thought. Balance of trade means
excess of exports over imports.

8. Ricardin theory of rent?

According to Ricardo, rent is a surplus produce on high amount of land. According to Ricardo, rent is that
portion of the produce of earth which is paid to the landlord for the use of the original and
indestructible powers of the soil.
So rent is payment made for the use of land. Rent is a differential surplus.

9. Theory of value ?

(Any person’s value theory……….)

There are two forms of value.

1. Value in use
2. Value in exchange

10. Malthus 2 types of checks in theory of population?

1. Preventive check

Man made checks are known as preventive check. Late marriage, Birth control, etc are helps to
balance population growth and food supply.

2. Positive check

According to malthus, nature has itsown was to control the population growth. Positive check includes
famines, earthquake, floods, war etc. Because it increase death rate by natural process.

11. Malthusian theory of Glut

Theory of glut is also known as over production.

Malthusian theory of glut says that, an excess of supply over demand was regarded as possible in
capitalist economy. According to malthus, in a capitalist countries there is a permanent over
production.

12. Utopian socialism

Saint simon, Robert owen regarded as the founders of utopian socialism. It emerged to protect the right
of working class.

13. Socialism?

Socialism as a dominant social and economic philosophy to the world in the end of 18th centuary. The
socialist generally Oppose Laissez faire. They advocate state intervention.

14. Mediaeval economic thought

The period from the fall of Roman empire in 476 Ad to 1453 Ad , in this year the constantinople was fell
into the hands of turks, it is generally regarded as middle ages.

15. Jeremy bentham ‘s hedonism and utility.

16. Saint simonians
17. Fourier’s phalanxees or phalansteries
18. Robert owen's vilage of co operation
19. Robert owen’s National Equitable Labour Exchange
20. P J Proudhon's Anarchism
21. What is classical school?
22. Division of labour?
23. Smith's canon of taxation