Chapter
This industry in Scotland that Adam Smith helped improve through division of labor
What is pin making?
The total amount invested in the production of a good
What is input?
The sum cost of all factors of production used in making goods
What is the total cost?
The relationship between countries where there are no restrictions or penalties when exchanging goods
What is free trade?
This quality creates the wealth of nations
What is intelligence?
The quality of producing effectively with minimal waste
What is efficiency?
The sum cost of all the factors of production used in producing one unit of a good
What is the average cost?
What are tariffs?
This man championed the cause of free trade
Who is David Ricardo?
The total amount of a good that is produced
What is output?
This economic principle was pioneered by Adam Smith
What is division of labor
This type of advantage compares your opportunity cost to that of another producer
What is comparative advantage?
The theory that domestic manufacturers need government protection against foreign competitors
What is protectionism?
These people are known for their high efficiency, especially in watchmaking
Who are the Swiss?
This man's vehicle proved the method of mass production (two answers)
Who is Henry Ford?
What is the Model T?
This type of advantage compares your efficiency to that of another competitor
What is absolute advantage?
These qualities were fundamental components of the successes of E.I. du Pont and Henry Ford
What are initiative, intelligence, and imagination?
This mathematical tool paved the way for modern day calculators and computers
What is the abacus?
Division of labor, standardized parts, and the assembly line are the bases of this method of production
What is mass production?
The production of goods in a region or country has absolute or comparative advantage
What is geographic specialization?