Man
He's known as the father of economics.
Who is Adam Smith?
This is the economic system used in America today.
What is capitalism?
It's the philosophy that says if you make money, someone else has to lose it.
What is zero sum game?
It's the country Adam Smith is from.
What is Scotland?
It's the year that Wealth of Nations was published.
What is 1776?
The study of money and business.
What is economics?
Companies who make something to sell are called this.
What are producers?
Buying and selling between countries is called this.
What is trade?
A measurement of work results.
What is productivity?
This describes how rare something is in a given place.
What is scarcity?
The basic economic formula that controls pricing.
What is supply and demand?
He brought the assembly line and mass production to automobile manufacturing.
Who was Henry Ford?
Something that is all over the world is considered to be this.
What is global?
These are goods, such as devices, computer chips, and phones that depend on electricity to work, but are not (usually) mechanical in nature.
What are electronics?
The general term for the tools and resources available to people at a given period of time.
What is technology?
This is the name of the international group of eight nations, including the US, that make trading agreements.
What is the G8?
This is what you call the price paid for use of a road, canal, or other means of travel.
What is a toll?
When someone decides to focus on what they do best, they are practicing this.
What is specialization?
Free trading between people or countries is known as this.
What is voluntary exchange?
The value of what you give up when you make an economic decision.
What is opportunity cost?
An added benefit offered to convince a consumer to buy something.
What is a price incentive?
The amount someone is willing to pay for a product or service.
What is the price?
How good or comfortable life is in an economic sense.
What is the standard of living?
This is an economic term that refers to any physical thing that is made.
What is a widget?
Something done of your own free will by choice is called this.
What is voluntary?