People
Who is credited with formulating the concept of mass production?
Henry Ford
What is the quality of producing effectively with a minimum waste
Efficiency
What is the sum cost of all the factors of production used in making goods
Total Cost
What is the situation that arises when a single firm is the only supplier of a good for which no substitute exist
Monopoly
What is the term for tax on imported goods
Tariffs
Who is credited with formulating the "invisible hand" concept
Adam Smith
All individuals who provide goods
Producer
What is the ability of an entity to produce a good or provide a service at an opportunity cost that is lower than that of a producer?
comparative advantage
What is the governmental agency which investigates trade practices
FTC (Federal Trade Commission)
What is a tangible item for which people will pay
a good
Who is known for his gun powder entrepreneurship?
What is the total amount a good produces
Output
Shortage
What is an illegal system developed to avoid governmental regulations:
Black Market
Occurs when a single firm fills the demand for a good more efficiently:
Natural Monopoly
Who was the British economist who formulated the comparative advantage theory?
David Ricardo
What is the total amount invested in the production of a good?
Input
What is the type of good that is directly related to a consumer’s income:
normal good
What is a a list of numbers that compares prices with quantity demande
Demand Schedule
Total value of a business minus any liabilities
Equity
Who is known as solving the Diamond-Water Paradox
Carl Menger
What are the four factors of production?
natural resources, labour, capital, entrepreneurship
What states that when the price of a good falls, consumers tend to buy more of that good
Income effect
What is the term for the amount of satisfaction resulting from a one-unit increase of a product?
Marginal Unity
The free market economy owes its proficiency to what things
property rights, limited government, and freedom of enterprise and competition