GOVT 350 - Ferdon - Exam 1
Jurisdiction - ANS-Lawful use of lawful authority. Within economic policy, this is the
lawful authority deigned to intervene in American economic policy, solve a problem,
expend money, etc.
Stewardship - ANS-Good steward husbands property and causes it to produce so that it
yields properly. Property is a trust to be exercised in faithful stewardship to God.
Identify factors of economic production - ANS-Land, labor, capital.
Land - ANS-Created resources upon which the principle of stewardship operates.
Labor - ANS-That which is utilized to convert created resources into useful wealth.
Capital - ANS-Produced means of production.
Basis of the free market system - ANS-Ownership of private property.
Basis of private property - ANS-Private property and stewardship. It is warranted in
Scripture in the commands against theft and covetousness. Private property is given to
us by God to steward.
Two-fold nature of private property. - ANS-Internal: thoughts, conscience, will, intellect,
creative mental energies, emotions; these comprise personality and God's image of
man.
External: Body and physical capacities as well as the ability to labor and be productive.
Why is it critical to ask: "What is, has, the Civil Government been doing"? - ANS-An
economic problem may be a civil government failure blamed on the market. Thus,
understanding what the civil government has been doing sheds light on what is
happening as a result.
What is meant by the phrase "See what cannot be immediately seen."? (Henry Hazlitt) -
ANS-It means to look at the consequences of what your decisions will bring in the
immediate future, the near future, and the far future.
What is meant by the phrase "Think beyond stage one."? (Thomas Sowell) -
ANS-Refusing to look beyond the first stage of issues is something that politicians do in
Jurisdiction - ANS-Lawful use of lawful authority. Within economic policy, this is the
lawful authority deigned to intervene in American economic policy, solve a problem,
expend money, etc.
Stewardship - ANS-Good steward husbands property and causes it to produce so that it
yields properly. Property is a trust to be exercised in faithful stewardship to God.
Identify factors of economic production - ANS-Land, labor, capital.
Land - ANS-Created resources upon which the principle of stewardship operates.
Labor - ANS-That which is utilized to convert created resources into useful wealth.
Capital - ANS-Produced means of production.
Basis of the free market system - ANS-Ownership of private property.
Basis of private property - ANS-Private property and stewardship. It is warranted in
Scripture in the commands against theft and covetousness. Private property is given to
us by God to steward.
Two-fold nature of private property. - ANS-Internal: thoughts, conscience, will, intellect,
creative mental energies, emotions; these comprise personality and God's image of
man.
External: Body and physical capacities as well as the ability to labor and be productive.
Why is it critical to ask: "What is, has, the Civil Government been doing"? - ANS-An
economic problem may be a civil government failure blamed on the market. Thus,
understanding what the civil government has been doing sheds light on what is
happening as a result.
What is meant by the phrase "See what cannot be immediately seen."? (Henry Hazlitt) -
ANS-It means to look at the consequences of what your decisions will bring in the
immediate future, the near future, and the far future.
What is meant by the phrase "Think beyond stage one."? (Thomas Sowell) -
ANS-Refusing to look beyond the first stage of issues is something that politicians do in
