Terms
taxes on imported goods
What are tariffs?
a truck used to deliver products is this kind of good
What is capital?
he is known for developing mass production in America
Who is Henry Ford?
this economic system is based upon custom, heredity, and caste
What is traditional?
the total amount invested in the production of a good
What is input?
What is the opportunity cost?
this good lasts more than three years
What is durable?
Who is Adam Smith?
this type of economic system is controlled by a centralized government
What is a command economy?
the exchange of goods in the absence of governmental restrictions or penalties
an illegal system developed to avoid governmental regulations
What is the black market?
the first act implemented in 1890 to regulate monopolistic trusts
What was the Sherman Act?
he is known for the Diamond-Water Paradox
Who is Carl Menger?
the Automobile industry is an example of this kind of market: perfect competition, monopoly, monopolistic competition, or oligopoly
What is an oligopoly?
this antitrust act was passed in 1914 and addressed practices not addressed in earlier laws
What was the Clayton Act?
this deals with the study of specific components within a major economy
What is microeconomics?
the four factors of production
What are natural resources, labor, capital, and entrepreneurship?
he is known as a gunpowder entrepreneur
Who is E. I. du Pont?
the retail clothing industry in a large city is an example of this type of market: perfect competition, monopoly, monopolistic competition, oligopoly
What is monopolistic competition?
Who is Pierre Samuel du Pont?
the place at which quantity demanded and quantity supplied are equal
What is equilibrium?
these force the consumer to buy certain products before he is able to buy what he really wants
What are tying contracts?
he is known for comparative advantage
Who is David Ricardo?
the three things mass production is based on
What are division of labor, standardized parts, and automatic conveyance?
this good is directly related to a consumer's income
What is a normal good?