Economics chapter 1 test review (chapters 1-3) – Flashcards
Flashcard maker : Ken Ericksen
Who wrote the ⓣⓗⓔ ⓦⓔⓐⓛⓣⓗ ⓞⓕ Ⓝⓐⓣⓘⓞⓝⓢ
Adam smith
Who used his resources wisely to make gunpowder for President Jefferson
E.I. Du Pont
What type of economy is directed by customs and habits
Traditional
What type of economy is directed by government
Command
What type of economy is directed by an “invisible hand”
Free market
What type of economy would a Communist-controlled country have
Command
What type of good is a forklift that is used to transport import goods within a warehousr
Capital
What type of good is a computer that is used for personal home use
Consumer
What term refers to a person that owns a share of so much business that produces goods
Capitalist
Who is the person that risk his investment of time and money in the management of an economic enterprise
Entrepreneur
Diligent work directed by ingenious intelligence allowed to develop under conditions of freedom is the true source of what
Prosperity
The study of specific components within a major economy
Microeconomics
The establishment of colonies to benefit a mother country
Imperialism
Mechanism through which people exchange goods
Market
An intangible item for which people expect to pay
Service
Economic system which aimed to accumulate stockpiles of gold and silver
Mercantilism
The study of national economies
Macroeconomics
Material items for which people expect to pay
Goods
Refers to the quantify of a good for sale at a certain price under certain conditions
Supply
Seeks to show the relationships among the various components of an economy
Economic model
The amount of a good that is brought at a certain price under certain conditions
Demand
The worth that consumers attach to a good
Value
What French phrase, often connected with economists who “let things alone”
Laissez-faire
Who were the French group of the 18th century economists who believed the market should be guided by the “rule of nature”
Physiocrats
Who was the founder of the Austrian school of economics
Carl menger
What are taxes that governments apply only to import goods
Tariffs
Economics is the study of the choices that individuals in societies make concerning what activities involving what goods? (3 things)
production
distribution
consumption
distribution
consumption
The value associated with any good is directly related to what two things
Scarcity and utility
What are the four factors of productions
1-natural resources
2-Labor
3-Capital
4-entrepreneurship
2-Labor
3-Capital
4-entrepreneurship
What do some economics list as a fifth factor of production
Information
