Wealth of nations smith Study guides, Class notes & Summaries

economics correct answer: the study or science of production, distribution and consumption; the study of how society manages its scarce resources scarcity correct answer: means that society has limited resources and therefore cannot produce all the goods and services people wish to have; implies choice and cost why study consumer economics? correct answer: to apply course knowledge to social issues; legislation's impact on us via healthcare, coal-burning, newborn screening tests (down...

Among other things, the emergence of a full-blown factory system from the "small-shop/putting out" system of production required: correct answers cheap and reliable source of energy, raw materials, labor force, and technical innovations to support machine production. (all of the above) land, labor, and capital are called "fictitious commodities" because... correct answers They had to be purchasable "on the market" like other required commodities, but are not actually created for sale on...

Consumer Economics correct answer: The study of how people deal with scarcity, fulfill needs, and select among alternative goods. Scarcity implies ________ which implies __________ to the consumer correct answer: choice, cost Why do we study consumer economics? correct answer: 1. To apply course knowledge to personal decisions 2. To overcome passivity 3. To become a consumer protection advocate 4. To make you more aware of your surroundings 5. To leave UGA with a firm grasp of the w...

ECON 103 GMU Exam 1 Boudreaux Questions and Answers Already Passed A decrease in the number of buyers in the market of buyers in the market for reading glasses will a) cause the market demand curve for reading glasses to shift outward b) cause the market demand curve for reading glasses to shift inward c) cause each individuals demand for reading glasses to shift outward d) cause each individuals demand for reading glasses to shift inward b) cause the market demand curve for reading gla...

Economics - Unit 1 Economics Fundamentals 100% Pass economics 1. the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 2. Social science that deals with the study of the production, consumption, distribution of goods and services and the transfer of wealth to obtain those goods and services. scarcity a situation in which unlimited wants exceed the limited resources available to fulfill those wants trade-offs giving up one thi...

ECON-100 Exam Study Set [100% Correct Answers] What is economics? *Ans* A study of how people make choices to achieve goals with resource constraints. What is meant by "the invisible hand?" *Ans* The "invisible hand" means that the division of labor and exchange occur naturally among people without being directed by anyone. What is the root of exchange behavior? *Ans* Human natural tendency toward division of labor to gain efficiency. Division of labor and exchange are human te...

POLS 101 Exam 1 Study Guide Questions and Answers Already Passed 1. In general the US population is A. Quite young B. Getting older C. Becoming less diverse D. Less affected by immigration than in earlier years B. Getting older 2. The largest growing segment of the American population is A. Asian B. Black C. Hispanic D. White C. Hispanic 3. The single most important characteristic of American democracy is A. Social Contract B. Capitalism C. Community D. Personal liber...

CHAPTER 1 Economics correct answer: -the study or science of production, distribution and consumption. (Goldsmith) -the study of how society manages its scares resources (Miller) Utility correct answer: Satisfaction, or well-being Adam Smith correct answer: -Father of Modern Economics. -Wrote "An Inquiry into the Nature and Causes of the Wealth of Nations" in 1776. Which stated that "consumers act in own SELF-INTEREST and markets work with the INVISIBLE HAND." Consumerism corr...

low inflation correct answers When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being: flow of goods, services, and payments between households and firms. correct answers The circular flow diagram of economic activity is a model of the: goods and services market correct answers In the ______________, households receive goods and services and pay firms for them. The basic difference between macroeconomics and microeconomics correct answers micr...

Adam Smith CORRECT ANSWER Considered to be the founder of ecomonics Wealth of Nations CORRECT ANSWER published in 1776; analysis of a market economy Equity CORRECT ANSWER society wants distribution of goods and services to conform with the notion of "fairness". Classical, Keynesian,Monetary,and Neoclassical CORRECT ANSWER The four general view points about the workings of markets is? Microeconomics CORRECT ANSWER The study of the individual parts that make up the economy, includes ...