Chapter Three: Economic Concepts

Front

ECONOMICS: the set of _______ by which a society decides and organizes the ownership, allocation, and use of resources.

Back

principles

Front

Why is learning about economics a crucial step in understanding history?

Back

Because it has a major influence on the decisions made by people, businesses, and countries.

Front

Economics is the study of _______ and choices. Fill in the blank.

Back

people

Front

Who are economists?

Back

Experts in economics who also study what happened with a country’s economy in the past.

Front

Adam Smith is known as the “_______ of Economics.”

Back

Father

Front

According to Adam Smith, when people engage in trade, it has a net _______ on the market which impacts everyone.

Back

positive

Front

What does it mean to SPECIALIZE in economics?

Back

To become an expert in a particular subject, skill, or trade and produce a limited variety of goods and services

Front

Which of the following is an example of a CAPITAL RESOURCE? Printing press, Historian, Fertile farmland, Geographer

Back

Printing press

Front

Fill in the blank: HUMAN RESOURCES are an employer or employee who helps produce ______ and services.

Back

goods

Front

True or False: Productive resources are distributed equally.

Back

False