Economics Terms Quiz Review II

This man helped articulate and codify the doctrine of natural rights and the blank slate

• Adam Smith

• John Locke

• Francis Bacon

• Thomas Jefferson

This was the financial institution established in 1694 that helped provide a stable state currency, as well as investment, borrowing, and savings opportunities.

• Bank of England

• Bank of America

• Bank of Britain

• Bank of London

This is the measure to which an individual or group is responsible for something - especially by law.

• responsibility

• corporation

• commercialization

• liability

(a)   : Under this doctrine, individuals are able to accumulate land and other materials for their own private use and, furthermore, such rights are protected and enforced by the law.

(a)   : These are the rights that are endowed to all individuals universally, regardless of the given societal, political, legal, or economic structure in which one resides

This is the term used to describe a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

• sales tax

• opportunity cost

• profit

• sum

(a)   : This was the gradual process of accumulating private property and fencing off land for commercial agriculture; the proactive began in England as early as the 13th century.

This is the state of being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views.

• freedoms

• rights

• liberty

• property

(a)   : This term refers to a system of rural and home manufacturing during the period of time between feudal economic production techniques and the formation of modern urban factory production.

An internal or external drive that motivates or encourages one to do something is an (a)   .