Economics Chapter 1

Founder of the Austrian School of economics

Quantity of a good for sale at a certain price under certain conditions

Who used his resources to make gunpowder for Pres. Jefferson?

An intangible item for which people pay

The first thing to understand about economics.

The founder of the Austrian school of economics

What type of economy is directed by "An invisible hand"?

Study of national economies

What type of good is a forklift used to transport imported goods in a warehoouse?

antything used in the production of a good

Differ. in value of goods a country sells compared to those it purchases, from other countries

Study of specific Components within a major economy.

economic system which aimed to accumulate stockpiles of gold and silver

Karl Munger is known for ...

What human activity results in the creation of goods and services?

Adam Smith published what book?

An intangible item for which people will pay

Mechanism through which people exchange goods and services

What type of economy is directed by customs and habits?

Term that refers to enjoyment of many goods and services

What are the 4 factors of production?

Anyone who uses a good or service

 Choices that societies make in production, distribution and consumption of goods

Economy that has centralized system of  authority and controls prod,
distribu.,and consump.