Economics Unit 1

Front

What type of economic system did Adam Smith support?

Back

a free market system

Front

A philosophy that calls for very little or no government involvement in the economy.

Back

Laissez-Faire

Front

Adam Smith’s Wealth of Nations stressed the importance of

Back

supply and demand

Front

Capital refers to...

Back

the tools, equipment, and factories used in production of goods and services

Front

Labor refers to...

Back

people with all their efforts and abilities

Front

Entrepreneurs are...

Back

individuals who start a new business or bring a product to market.

Front

A herd of cattle is an example of ...

Back

Land

Front

A bulldozer is an example of...

Back

Capital

Front

A product or service is scarce when ...

Back

The amount available is not enough to meet the demands of society

Front

The definition of Scarcity is...

Back

A limited amount of resources to meet unlimited wants and needs.