Everybody's Economics
A tangible item that people want and for which they will pay
Wrote about comparative advantage
Who is David Ricardo?
an economic system in which the nation's capital is owned and controlled by private individuals and businesses
What is private capitalism
term that refers to the amount of money that a buyer pays a seller for a good.
What is price
Two of the most important acts under the antitrust laws
What are the Sherman Act and Clayton Act
a human desire to have and use a certain good
What is a want
Came up with the Diamond-Water paradox
a person who undertakes the management and financial risk of an economic enterprise.
What is an entrepreneur
the situation in which the quantity demanded exceeds the quantity supplied at a given
What is shortage
a firm that has no real control over the price it receives for its product
What is a price taker
What is "common course and condition"
Was a gunpowder entrepreneur
Who is E. I. du Pont
Natural resources, labor, capital, entrepreneurship
Technology; resource prices; prices of related goods; number of sellers; producer expections; government taxes, subsides, and regulations.
What are the factors that increase of decrease the supply of a good?
only one supplier of a good or service, no close substitutes for that good, blocked entry to the market
Characteristics of a monopoly
What is an economic forecast
Who is Henry Ford
real, financial, intellectual
What are types of property
price level set above the equilibrium
What is the price floor
a market in which there are only a few firms, products are differentiated or virtually the same, and potential competitor are discouraged from entering the market by significant entry barriers
What is an oligopoly
Term that deals with the study of specific components within a major economy.
What is microeconomics
Wrote famous book Physiocracy
Who is Pierre Samuel du Pont
traditional, free enterprise, command
What are the types of economies?
Property rights, freedom of enterprise and competition in a market economy, limited government
What are the basic components of capitalism
Government agency whose purpose is to investigate trade practices
What is the federal trade commission