Mr. Reynolds Chapter 1 test-Economics

These are goods or services that are not necessary but that we desire or wish for.

This analysis is preferred by people who favor looking at Econ. from the Gov's. perspective.

This branch of Economic analysis makes prescriptions about the way the economy should work.

Anything drawn from nature for use in production of goods and services is known as this factor

Any physical items produced in an economy are know by this term.

The quantity available isn’t large enough to satisfy all productive uses, in other words it is.

Adam Smith obtained a professorship here teaching moral philosophy and economics.

East India Trading Company was 1 of the first historical Examples of this factor of production

This is the branch of economic analysis that describes the way the economy actually works.

Someone makes a ________ when they give up something to get something else.

Food, Shelter and Water are basic _______ that are required for survival.

The time and effort people contribute to the production process is this factor

The factor of willing people to organize, and assume the risks involved with business ventures

In Economics a market is not a place but a collection of ___ & ___.

anything long lasting that is created by humans for use in the production of other things.

The Study of economics began with the publication of his book known as The Wealth of Nations.

a decision by someone of what to do, which necessarily involves what not to do is known as

Adam Smith stressed that people should be free to make decisions without meddling from this

An Efficient production exists when the economy is _____

Smith laid the foundations of classical free market economic theory in the same year as this

Economic Growth is caused by an increase in an economy’s resources and/or _______

Land, Labor, Capital, and Entrepreneurship is known in economics as the

Anything that can be used to produce something else is known in economics as a

A point inside the PPC represents this

What was Adam Smith's nationality?