Goods
What type of good is a truck used by a florist to deliver flowers?
Capital
Which group favored a natural economy?
physiocrats
What states that when the price of a good falls, consumers tend to buy more of that good?
income effect
Invisible hand
Adam Smith
Total amount invested in the production of a good?
input
What type of good does not last more than three years?
nondurable good
Which type of economic system is controlled by a centralized authority?
Command
What is a group of firms that produce similar products or provide similar services?
Industry
Diamond Water Paradox
Carl Menger
Total value of a business minus any liability?
Equity
What type of good is directly related to a consumer's income?
Normal Good
What type of economic system is based upon custom, heredity, and caste?
Traditional
What is the study of the choices that individuals and societies make in the production, distribution, and consumption of goods?
Economics
gunpowder entrepreneur and Physiocracy
E. I. du Pont and Pierre Samuel du Pont
total amount of satisfaction received from a particular amount of some good?
Total utility
What is a tax on imported goods?
Tariff
Besides limited government and freedom of enterprise and competition, to what does the free market economy owe its proficiency?
Property Rights
What is a list of numbers that compares prices with quantity demanded?
Demand schedule
Comparative advantage
David Ricardo
The sum cost of all the factors of production used in making goods?
Total cost
What is the total amount of a good produced?
Output
What term deals with the study of specific components within a major economy?
Microeconomics
What government agency investigates trade practices?
Federal Trade Commission
Mass Production
Henry Ford
The amount of satisfaction that results from a one-unit increase of a product?
Marginal utility