Economics Exam 1 (1,2,3)

What is the study of scarcity in economics?

Who proposed the concept of 'Factor of Production'?

What is the concept of 'Division & Specialization of Labor'?

Who is associated with the concept of 'Wealth of Nations'?

What are the economies of scale?

What are the two main branches of economics?

Explain fiscal policy in economics.

What is monetary policy and its role in the economy?

Explain the circular flow diagram in economics.

What are command economies and market economies?