Captain Jack Sparrow
This is an individual who uses goods.
What is a consumer?
This economist stated that an "invisible hand" guides the economy in a free market.
Who is Adam Smith?
This states that when the price of a good falls, consumers tend to buy more of that good.
What is the income effect?
The free market economy owes its proficiency to property rights, freedom of enterprise and competition, and this third factor.
What is limited government?
This was the first act to regulate monopolistic trusts.
What is the Sherman Act?
This is the relationship between a good's price and the amount that producers are willing to make available.
What is the supply?
This economist was a gunpowder entrepreneur.
Who is E. I. du Pont?
This type of good lasts longer than three years.
What is a durable good?
This is a group of firms that produces similar products or provides similar services.
What is an industry?
This is the production of goods in which a country or region has absolute or comparative advantage.
This is the result of a price ceiling.
What is a shortage?
This economist is known for his Diamond-Water Paradox.
Who is Carl Menger?
This type of good is directly related to a consumer's income.
This is the study of the choices that individuals and societies make in the production, distribution, and consumption of goods.
What is economics?
This antitrust act was passed in 1914 and addressed practices not addressed in earlier laws.
What is the Clayton Act?
This group favored a "natural economy".
Who are the physiocrats?
This economist was a supporter of the idea of comparative advantage.
Who is David Ricardo?
This type of economic system is controlled by a centralized authority.
What is a command economy?
This is the name of Adam Smith's famous book.
What is The Wealth of Nations?
What are market signals?
This is the quality of producing effectively with a minimum of waste.
What is efficiency?
This economist wrote Physiocracy.
Who is Pierre Samuel du Pont?
What is a traditional economy?
This governmental agency investigates trade practices. (Please state full name)
What is the Federal Trade Commission?
This is a list of numbers that compares price with quantity demanded.
What is a demand schedule?