Adam Smith
Where is Adam Smith from?
Scotland.
Who is at the top of the pyramid in Feudalism?
King & Queen
In a Mercantil Economy, the government tries to create a ________ where one entity controls the economy.
Monopoly
What are the four factors of production?
Land, Labor, Capital, & Entrepreneurship
Was this the economic system of early hunter-gatherer societies?
Barter.
Which economic system is Adam Smith known as the father of?
Capitalism.
Who oversees the manor?
In a capitalist society, who makes the decisions?
The people.
Define what a manor is?
Answers may vary.
The Kings of Medieval England used this economic structure.
Feudalism.
The Wealth of Nations.
In a Barter Economy how do people meet their needs?,
Bartering/Trading.
What is the shared goal of both Mercantilism and Capitalism?
Obtain wealth.
Define the four factors of production.
The Kingdom of Spain utilized this economic system to gain wealth from their American colonies.
Mercantilism.
What was Smith's argument against Mercantilism?
Wealth is created, not fixed.
What do the Nobles and Lords exchange on the manor?
Land and Protection.
Under Mercantilism wealth is _______, Under Capitalism wealth is _________ .
fixed, grown.
What does laissez-faire stand for?
Hands Off, no government intervention, answers may vary.
The United States of America currently utilizes this system within their economy.
Capitalism.
List 3 benefits of the division of labor.
Save times, Increase dexterity, allows for more innovation.
Explain why the serfs end up with the least amount of product on the manor, and why they chose to live there?
All products have to go up the food chain. But, the serfs need protection so they take what they can.
During the era of Mercantilism, why did European nations colonize?
Access to more resources, exploitation, trade, taxation, etc.
What is the study of economics?
Scarcity.
The mixture of capitalism and some government intervention is referred to as?
Mixed Economy.