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Vocabulary
Vocabulary II
Economic Terms
Types of Economy
100
Who wrote "The Wealth of Nations"
Who is Adam Smith
100
This seeks to show the relationships among the various components of an economy
What is economic model
100
Taxes that governments apply only to imported goods
What are tariffs
100
the amount of a good that is bought at a certain price under certain conditions
What is demand
100
This type of economy is directed by an "invisible hand"
What is free market economy
200
This person used resources to make gunpowder for President Jefferson.
Who is E.I. du Pont
200
the worth that consumers attach to a good
What is value
200
Economics is the study of the choices that individuals and societies make concerning what activities involving goods?
What is production, distribution, and consumption
200
material items which people expect to pay
What are goods
200
Directed by the government
What is command economy
300
This person was the founder of the Austrian school of economics
Who is Carl Menger
300
this is the establishment of colonies to benefit a mother country
What is imperialism
300
This type of system is where the government controls most of the capital
What is State Capitalism
300
mechanism through which people exchange goods
What is market
300
directed by customs and habits
What is traditional economy
400
According to economics, factors of production are...?
What is scarce
400
this is the study of national economics
What is macroeconomics
400
This is the study of specific components within a major economy
What is microeconomics
400
an intangible item for which people expect to pay
What is service
400
Communist-controlled country has this type of economy
What is command economy
500
What French phrase means "let things alone"?
What is Laissez-faire
500
this were the French group of 18th century economists who believed the market should be guided by "the ruler of nature"?
What is physiocrats
500
These are the four factors of production
What is natural resources, labor, capital, and entrepreneurship
500
Economic system which aimed to accumulate stockpiles of gold and silver
What is mercantilism
500
provides barely enough to keep a society alive
What is subsistence economy