According to Adam Smith, SELF-INTEREST...
Foundations of Economics Review

Flashcard
•
Social Studies
•
12th Grade
•
Easy
Tony Dudik
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
pushed businesses to produce good quality products at low prices
2.
FLASHCARD QUESTION
Front
Which type of economy has NO government involvement?
Back
free market
3.
FLASHCARD QUESTION
Front
SCARCITY is a condition that:
Back
ALL people have to deal with
4.
FLASHCARD QUESTION
Front
Name of the economic model that shows how resources, products & money are exchanged in an economy.
Back
circular flow model
5.
FLASHCARD QUESTION
Front
What is the difference between a pure FREE MARKET and CAPITALISM?
Back
In capitalism, there is limited government involvement; in free markets, there is no government involvement.
6.
FLASHCARD QUESTION
Front
Opportunity cost of using a barrel of crude oil to make gasoline?
Back
value of anything else you could have made besides gasoline
7.
FLASHCARD QUESTION
Front
Production Possibilities Graphs...
Back
show alternative ways for an economy to use its resources
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