Economics Test 1 Review

What are taxes that governments apply only to imported goods?

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

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

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

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

What type of economy is directed by customs and habits?

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

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

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

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

What type of economy is directed by government?

Material items for which people expect to pay

The worth that consumers attach to a good

An intangible item for which people expect to pay

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

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

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

What is the mechanism through which people exchange goods?

The study of national economics

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

Who was the founder of the Austrian school of economics?

Who wrote The Wealth of Nations?

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

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

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

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

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"?

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

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

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

What type of economy is directed by an invisible hand?