Schools of economic thought

High school (ages 12+)
People & Society

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Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/schools-of-economic-thought

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the foundational modern economist?Adam Smith, often credited with initiating classical economics
2. What is the prominent heterodox schools?Austrian economics, Marxian economics, Historical school, Institutional economics
3. What is a school of economic thought?A school of economic thought is a group of thinkers who share ideas about how money, trade, and jobs work. They help explain how societies use resources and make rules.
4. Who was Adam Smith and why is he important?Adam Smith wrote "The Wealth of Nations" in the 18th century. He said that when people trade freely, an invisible hand guides the market, making things better for everyone.

Economic System: The way a society organizes the production, distribution, and consumption of goods and services.
Classical Economics: An economic school of thought emphasizing free markets, laissez-faire policies, and the 'invisible hand'.
Marxian Economics: An economic theory focused on class struggle, capitalism's contradictions, and historical materialism.
Macroeconomics: The branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.