Economics Final Exam

Not being able to have all you want due to limited resources

• Scarcity

• Economics

• Traditional Economy

• Factor Market

Land, Labor, Capital, and Entreneaur

• Product Market

• Factors of Production

• Adam Smith

• Oppourtunity Cost

1. Economic system that has a great variety of goods and services.

• Economics

• Factors of Production

• Market Economy

• Scarcity

5. Market where factors of production are exchanged

5. Market where finished goods are sold

5. Economy where government controls all productive resources

• Command Economy

• Market Economy

• Traditional Economy

• Microeconomics

8. What is given up when a choice is made

• Factor Market

• Factors of Production

• Oppourtunity Cost

• Scarcity

8. Economy where goods and services are distributed based on historical patterns

• Command Economy

• Traditional Economy

• Market Economy

• Microeconomics

8. Study of the behavior of  small business and individuals

8. Father of Capitalism, “invisible hand theory” of economics

• John Maynard Keyes

• Karl Marx

• Adam Smith

• David Ricardo