C1S4 Review Flashcard

Front

Numerical data or information.

Back

statistics

Front

Displays data in rows and columns.

Back

chart

Front

Shows statistical changes over time.

Back

line graph

Front

Represents numbers in relation to the whole.

Back

pie graph

Front

Study of the behavior of individuals in an economy.

Back

microeconomics

Front

Study of the behavior of the economy as a whole.

Back

macroeconomics

Front

Economic system challenged by Adam Smith.

Back

mercantilism

Front

What did Adam Smith mean by the 'invisible hand' guiding the market place?

Back

A producer will produce as long as consumers are willing to buy at a price they see as fair; if demand decreases, the producer will produce less. In this way, an "invisible hand" guides the market place.