Midterm - Econ Unit 1 Vocab worksheet

Front

______ refers to the tools, machines, and buildings used to produce goods and services.

Back

Capital

Front

A ______ is a government measure that limits international trade, such as a protective tariff or an import quota.

Back

Trade barrier

Front

______ is the condition that results because people have limited resources but unlimited wants.

Back

Scarcity

Front

Adam Smith’s metaphor, the ______, explains how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole.

Back

Invisible hand

Front

The ______ is a system used to manage limited resources for the production, distribution, and consumption of goods and services.

Back

Economy

Front

______ is the principle that government should not interfere with the workings of the economy.

Back

Laissez-faire

Front

The time and effort people devote to producing goods and services in exchange for wages is called

Back

Labor

Front

The study of the workings of the economy as a whole.

Back

Macroeconomics

Front

The study of the economy at the level of individuals, households, and businesses.

Back

Microeconomics

Front

______ refers to the knowledge and skills people gain from education, on-the-job training, and other experiences.

Back

Human capital