Mrs. Susanne is Amazing
What type of good is a truck used by a florist to deliver flowers?
Capital
What type of economic system is controlled by a centralized authority?
command, free enterprise, mixed, or traditional
Command
Name the Economist:
Invisible Hand
Adam Smith
What term deals with the study of specific components within a major economy?
microeconomics
Name the Economist:
Gunpowder Entreprenuer
E.I. Du Pot
Which group favored a "natural economy"?
Imperialists, Protectionists, Physiocrats, Mercantilists
Physiocrats
What is a group of firms that produce similar products or provide similar services?
industry, enterprise, business, or union
Industry
What is the name of Adam Smith's most famous book?
the Wealth of Nations
What states that when the price of a good falls, consumers tend to buy more of that good?
elasticity effect, substitute effect, income effect, or demand effect
income effect
total value of a business minus any liabilities
Equity
Name the Economist:
Mass Production
Henry Ford
Name the Economist:
Physiocracy
Pierre Samuel du Pont
What is the retail clothing industry in a large city an example of?
perfect competition, monopoly, monopolistic competition, or oligopoly
Monopolistic competition
Name the Economist:
Comparative advantage
David Ricardo
Total amount of a good produced
Output
What type of good does not last more than 3 years?
inferior good, nondurable good, normal good, or durable good
nondurable good
What is the American automobile industry an example of?
Perfect competition, monopoly, monopolistic competition, or oligopoly
Oligopoly
What was the first act implemented in 1890 to regulate monopolistic trusts?
Sherman Act
What is a tax on imported goods?
tariff
Total amount invested in the production of a good
Input
inferior good, nondurable good, normal good, or durable good
Name the Economist:
Diamond-Water Paradox
Carl Menger
What antitrust act was passed in 1914 that addressed practices not addressed in earlier laws?
Clayton Act
What is the study of the choices that individuals and societies make in the production, distribution, and consumption of goods?
Economics
excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods
Profit