C1S4 - The Economist's Toolbox

Numerical data or information.

• mercantilism

• statistics

• data analysis

• microeconomics

• line graph

Displays data in rows and columns.

• chart

• pie graph

• microeconomics

• line graph

• statistics

Shows statistical changes over time.

• line graph

• pie graph

• statistics

• bar chart

• mercantilism

Represents numbers in relation to the whole.

• pie graph

• microeconomics

• bar graph

• line graph

• macroeconomics

Study of the behavior of individuals in an economy.

• econometrics

• pie graph

• macroeconomics

• line graph

• microeconomics

Study of the behavior of the economy as a whole.

• macroeconomics

• econometrics

• microeconomics

• statistics

• pie graph

Economic system challenged by Adam Smith.

• macroeconomics

• pie graph

• microeconomics

• mercantilism

• capitalism

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

• 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" guide the market place.

• There is an invisible hand around the throat of all consumers symbolic of capitalism choking all the money out of consumers.

• The invisible hand smacks business owners who put poorly designed items on the market.

• The invisible hand with slap the taste out your mouth if you violate it's principles by spending on items you can't afford.