1
Who wrote The Wealth of Nations?
Adam Smith
What type of economy would a Communist-controlled country have?
Command Economy
Diligent work directed by ingenious intelligence allowed to develop under conditions of freedom is the true source of what?
Prosperity
What do some economists list as the 5th factor of production?
Information
What are taxes that governments apply only to imported goods?
Tariffs
Who used his resources wisely to make gunpowder for President Jefferson?
E.I. Du Pont
What type of good is a forklift that is used to transport imported goods within a warehouse?
Capital, Consumer, Producer, Imported
Capital
All people are said to be ___________ who use goods.
Consumers
The value associated with any good is directly related to what two things?
Scarcity and Utility
What is the establishment of colonies to benefit a mother country
Imperialism
What type of economy is directed by customs and habits?
Traditional Economy
What type of good is a computer that is used for personal home use?
Capital, Consumer, Producer, Imported
Consumer
What economy provides barely enough to keep a society alive?
Substinence
Who were the French group of 18th century economists who believed the market should be guided by “the rule of nature”?
Physiocrats
What is an intangible item for which people expect to pay?
Service
What type of economy is directed by the government?
Command Economy
What term refers to a person that owns a share of some business that produces goods?
Distributor, Entrepreneur, Capitalist, Supplier
Capitalist
State Capitalism is a system where the ___________ controls most of the capital.
Government
Who was the founder of the Austrian school of economics?
Carl Menger
What is the worth that a -consumers attach to a good?
Value
What type of economy is directed by an “invisible hand”?
Free Market Economy
Who is the person that risks his investment of time and money in the management of an economic enterprise?
Entrepreneur
What are the four factors of production?
Natural Resources, Labor, Capital, Entrepreneurship
Economics is the study of the choices that individuals and societies make concerning what 3 activities involving goods?
Production, Distribution, Consumption
Adam Smith stressed the importance os separating work into individualized tasks, what is that called?
Division of Labor