Economics Test 1 Review

Who was the French group who believed the market should be guided by "the rule of nature"?

What type of good is a computer that is used for personal home use.

What French phrase, often connected with economics, means "let things alone"?

_______ capitalism is where the government owns most of the capital.

What do some economists list as a fifth factor of production?

Who wrote The Wealth of Nations?

What type of good is a forklift that is used to transport imported goods within a warehouse?

Diligent work directed by ingenious intelligence allowed to develop is the true source of what?

What type of economy would a Communist-controlled country have?

Who is the person that risks his investment of time and money in the management of an economic enterprise.

The study of national economics

Material items for which people expect to pay

The study of specific components within a major economy is ________.

All people are said to be ________, or people who use goods.

An economic system which aimed to accumulate stockpiles of gold and silver.

What term refers to a person that owns a share of some business that produces goods.

The amount of a good that is bought at a certain price under certain conditions

Seeks to show the relationships among the various components of an economy

An intangible item for which people expect to pay

What type of economy is directed by customs and habits?

Economics is the study of the choices that people make concerning which activities?

Who was the founder of the Austrian school of economics?

What type of economy is directed by an invisible hand?

A ________ economy provides barely enough to keep a society alive.

What is the establishment of colonies to benefit a mother country?

What type of economy is directed by government?

The worth that consumers attach to a good

Refers to the quantity of a good for sale at a certain price price under certain conditions

Who used his resources wisely to make gunpowder for President Jefferson?

What is the mechanism through which people exchange goods?

What are taxes that governments apply only to imported goods?

The value associated with any good is directly related to what two things?