Laws
These are general rules or principles of the production, distribution, and consumption of goods.
What are the Laws of Economics?
This is the establishment of colonies and extensive territories created to benefit the mother country.
What is imperialism?
Smith studied the decline of this industry in Kirkcaldy. This sparked his interest in economics
What is the nail-making?
This is human activity which results in the creation of activity which creates goods and services.
What is labor?
Has chips made of cacao.
What is chocolate chip?
An increase in capital efficiency results in increased this.
What is production?
They favor a natural economy.
Who are the physiocrats?
This is the separation of work to be performed into individualized tasks.
What is division of labor?
What Smith considered to be the most important factor of production.
What is labor?
One of Ms. Foster's favorites mixing oatmeal and dried up grapes.
What is oatmeal raisin?
The aim of this is to build up the state’s treasury.
What is mercantilism?
The physiocrats advocated for these three things.
What are unrestricted trade within a country, abolition of special privilege, and grants for industry?
This is the production of goods by people working at the jobs they do the best.
What is specialization?
A country can have a large amount of natural resources but still be poor if......
What is if it’s people are unable to apply their work intelligently to those resources?
A cookie made of and celebrated for sugar
What is a sugar cookie?
This is the difference in value of the good that a country sells abroad compared to those it purchased from other countries.
What is trade balance?
What Adam Smith is known as.
What is the father of modern economics?
This is the condition of enjoying many goods, including services.
What is prosperity?
This is directed by ingenious intelligence is the truest source of prosperity.
What is diligent work?
Similar to chocolate chip, this cookie is made of chocolate candies that melt in your mouth and not in your hand.
What are M and M?
These are the taxes that governments apply only to imported goods.
What are tariffs?
The author of “Inquiry into the Nature and Causes of the Wealth of Nations”.
This is the value of all the things people own.
What is wealth?
Founder of the Austrian School of Economics.
Who is Karl Menger?
Chocolate cookie layers with a creamy middle. Dunk it.
What are Oreos?