Economy Models: Classical Vs Keynesian Video


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question 1 of 3

The ideas that contributed to the creation of the classical model were first formed during what period?

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1. Keynes' observations of what calamitous event helped him form the Keynesian model?

2. The classical model assumes the economy is _____.

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About This Quiz & Worksheet

Keynesian and Classical economists disagree on several fundamental assumptions about what drives growth in an economy. To successfully pass this quiz, you will need a good understanding of economic theory.

Quiz & Worksheet Goals

To demonstrate your competence of Keynesian and Classical economics, you will be expected to know:

  • The historical roots of the economic philosophies
  • Assumptions made by each school of thought
  • What each theory speculates for market downturns

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information on the various assumptions made by Classical and Keynesian economic thought
  • Distinguishing differences - compare and contrast the two different schools of thought
  • Interpreting information - verify that you can read information regarding the conclusions that each theory would make based on specific economic conditions

Additional Learning

To learn more about this topic, please reference the accompanying lesson titled Economy Models: Classical Vs Keynesian. The lesson covers:

  • The philosophers who contributed to each theoretical model
  • How Keynes defined economic expansion and recession
  • Differences in supply and demand curves between the two theories