Definitions of Economics

Adam Smith attacked this economic theory that meant one's power was based on one's wealth...

• Capitalism
• Socialism
• Mercantilism
• Communism 

Smith believed that the economy operated according to three natural laws involving this concept...

• self-interest
• compassion
• citizenship
• trustworthiness 

While Adam Smith believed that the government should be involved in all of the following areas EXCEPT: 

• military
• property 
• business
• nothing at all

Adam Smith’s Wealth of Nations stressed the importance of

• tradition

• supply and demand

• large corporations

• government ownership

The capitalist class who own most of society's wealth and means of production.

• Adam Smith
• Bourgeoisie
• Capital
• Capitalism

Wealth in the form of money or other assets owned by a person or organization.

• Adam Smith
• Bourgeoisie
• Capital
• Capitalism

Who is the famous economist, defender of free-markets, author of The Wealth of Nations? His writings are considered a foundation for the economic system of capitalism.

• Adam Smith
• Karl Marx
• Friedrich Engels
• Weyland Yutani

The study of resources such as money, materials, and labor

• economics
• services
• producers
• goods

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs