Economics Ch. 2 and 3 2019

_ said that colonies existed to provide raw materials to mother countries for protection.

In a ___ economy, the government decides which goods are produced

What is the separation of work to be performed into individualized tasks?

A laissez-faire approach to government involvement exists in ______ economy.

__ is an economic system where powerful, collectivist gov. owns much of the nation’s capital.

Which of the following is a NOT an example of intellectual property?

What economic term means “let them alone” as in the government keeping hands off the economy

Who published the book Physiocracy in 1768?

In ___ economy, prices are controlled by supply and demand,

The 13 Colonies had benefits from access to manufactured goods & protection from England.

In a capitalist/free market econ., he government sets prices and wages.

Monopolies can form in command, traditional, and free market economies.

What is the difference in the value of the goods a country exports compared to its imports?

The aim of__ was to build up the state’s treasury and to have large armies and navies.

Which of the is NOT an example of real property?

A favorable trade balance in mercantilism has more imports than exports

What was the name of Adam Smith’s most important book?

What group studied of the production, distribution, and consumption of goods?

______ means the establishment of colonies created to benefit their mother countries?

Which of the following is a main type of protection of intellectual property?

The Amish or those in the caste system of Hinduism represent a ___ economy

___ believed that a nation’s real wealth is derived from the land and its natural resources.

__ means one who manages and takes financial risk of an economic undertaking.

The breaking up of tasks of people doing jobs they perform best is called______________.

Which of the following is NOT a basic component of a free market economy?

_ is a system where most of a nation’s means of production is owned by individuals &businesses.

A _____ is a one who owns producer goods and/or owns a share of a business that produces goods.

Who is considered the “Father of Economics”?

__ believed in a closed economic system which with exclusive trading rights for some companies.

__ is when most production is by a powerful, centralized apparatus of collectivist.

Mercantilists believed that colonies existed to provide manufactured goods to the mother

___ is the intelligent control and useage of natural and human economic resources.

Which of the following is financial property?

_____ was the French entrepreneur who supplied quality gunpowder to the US in the 1800s.

Which of the following is no an example of countries that had mercantilistic economies?

A free market economy is also know as also known as planned or directed.

___ is sometimes called the fifth factor of production.

A(n) __ state assigns jobs, sets wages & forbids free labor unions.

In a(n) ___ economy, goods produced are those which have always been created

___believed that a nation’s real wealth is determined by its store of precious metals.