Something tangible that people are willing to pay for
What is a good?
100
An economy that provides barely enough for it's people to survive
What is a subsistence based economy?
100
Author of "Wealth of Nations"
Who is Adam Smith?
100
Labor that can be referred to by two different colors
What is blue and white collar?
100
BLUEMIIIUQR
What is EQUILIBRIUM?
200
An intangible item that people are willing to pay for or use
What is a service?
200
This was the communal living situations of early Jamestown and Plymouth
What is communism?
200
Created the diamond water paradox
Who is Karl Menger?
200
Sometimes economists add this as a 5th factor of production
What is information?
200
SATANOIRNCT
What is TRANSACTION
300
The amount of a good that is bought at a certain price and under certain conditions
What is demand?
300
This economy is carried out through customs and cultural actions being handed down from generation to generation
What is a traditional economy?
300
Stated that the value of something is based in the amount of labor it takes to create the item
Who is Karl Marx?
300
This factor of production involves the creativity and risk necessary to bring a product or idea to life
What is entrepreneurship?
300
TEDB
What is DEBT?
400
The amount of a good that is produced and brought to the marketplace
What is supply?
400
This economic type has the state in control of industry, production, etc.....
What is a command economy?
400
These are 18th century economists from France that believed in the free market principles
Who are the physiocrats?
400
This factor of production involves the raw materials necessary for creating a product
What are natural resources?
400
SEETNIVTNM
What is INVESTMENT?
500
The mechanism for the exchange of goods and services
What is the marketplace?
500
This economic type has the hallmarks of open competition, private ownership of property, etc.......
What is free market/free enterprise capitalism?
500
These 17th century economists believed a nation's true wealth is based in its colonies for natural resources and large amounts of precious metals in their treasuries
What are mercantilists?
500
Economists say that all goods are produced by some type of this