Econ Unit 1 Review

Adam Smith believed in ______ economics.

Adam Smith said that without government, the economy would be based on _____.

Assembly lines are an example of:

"The sacrifice of one good in order to purchase or produce another"...

Water is a...

Study of how a society chooses how to satisfy unlimited wants and needs with limited resources:

"An object or material that can be purchased to satisfy human want or need" is...

What does point D represent?

"The study of single individuals, households, businesses and industries" is...

Which item is on the y-axis?

"Skills and knowledge gained by a worker"...

College is an example of ____.

What can I do the rest of the hour to help with my test TOMORROW...

"The value lost by making a decision to use resources for one use over another" is called...

"Economic system in which business operates in competition & mostly free of state control"

"One who buys goods or services for personal use":

In a _____ economy, the government has total control.

The way in which a society provides for the wants & needs of its people determines the type of:

What does point E represent?

This graph is showing...

What two components are missing from the circular flow model?

"Fundamental condition of economics - the combination of unlimited wants & limited resources"

Land, labor, _____, and entrepreneurship are the four factors of production.

Money, barter, and _____ are the three forms of voluntary exchange.

What is the term for: "People freely and willingly engage in market transactions"

In a ____ economy, individuals determine how the economy runs.

Specialization is used to increase ______.

Which philosopher created the idea of the "Invisible Hand"?

A ____ economy incorporates elements of all economic systems.