1
What term deals with the study of specific components within a major economy
Microeconomics
If firm A can produce 40 coats ot 50 shoes with the same amount of resources from which Firm B can produce 45 coats or 65 shoes, which firm has the comparative advantage in coats
Firm A
What makes possible a better standard of living for everyone in a prosperous society?
Competition
What is an illegal system developed to avoid governmental regulations
Black Market
What is the exchange of goods in the absence of governmental restrictions or penalties
Free Trade
What governmental agency investigates trade practices?
Federal Trade Commission
What three things is mass production based on?
Division of labor
Standardized parts
Automatic Conveyance
What is the study of the choices that individuals and societies make in the production, distribution, and consumption of goods?
Economics
What is the name of Adams Smith's most famous book
The wealth of Nations
What is a list of numbers that compares price with quantity demanded?
Demand Schedule
What is the production of goods in which a country or region has an absolute or comparative advantage?
Geographic Specialization
What are the four factors of production?
Natural Resources
Labor
Capital
Entrepreneurship
What antitrust act was passed in 1914 that addressed practices not addressed in earlier laws?
Clayton Act
What do consumers send to producers to let them know what goods are wanted at what prices?
Market Signals
What is the exchange of goods in the absence of governmental restrictions or penalties
Free Trade
What was the first act implemented in 1890 to regulated monopolistic trust
Sherman's Act