EPF Unit 2 Market Types

What did Adam Smith believe would keep prices low?

Example of Mixed Economy

Factor of Production example: Labor

Which type of economy do people use bartering?

In which type of economy is the price of a good dictated by supply and demand?

Which factor of production deals with agricultural products?

Example of Modern business that utilizes specialization.

Which factor of production deals with equipment?

What did Adam Smith say about people that would lead to achieving the proper prices?

In what work did Adam smith put forth his ideas of self-Interest?

Factor of Production example: Land

What did Adam Smith believe would keep quality high?

Example of Command Economy

Factor of Production example : Human Capital

Example of Traditional Economy

What type of economy do most countries have today?

In which type of economy does the government answer all of the economic questions?

Factor of Production example: Physical Capital

Which factor of production has to do with human knowledge and expertise?

Which factor of production has to do with taking financial risks and investing?

In which type of economy combines capitalist philosophy and some government intervention?

Which factor of production deals with workers performing a task?

Which of the following is not a basic economic question?

What did Adam Smith observe that allowed workers to increase productivity?