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WorksheetsUnit 1 quiz refresher
Total questions: 10
Worksheet time: 12mins
Goods and Services sold to other countries
Exports
Imports
comparative advantatge
Command Economy
who made the Laissez-faire
John Locke
John Stuart Mill
Karl Marx
Adam Smith
which is market equilibrium
Refers to a price at which the supply and demand curve meet up and intersect
This occurs when the quantity produced is enough to supply the consumers
Occurs when the market shifts resulting in the equilibrium changing
Unstable production rate
How do the ideas of Adam Smith, such as the “invisible hand”, manifest in the world?
it is the reason why people work to make invisible technology
Adams Smiths philosophies are the invisible hand that pushes others
The idea of the invisible hand is what we use to reference in the world when people indirectly help others when they try to benefit themselves
Adam Smith used the invisble hand to defeat Karl Marx
Why should we study economics?
If you spent almost 9 minutes on a question on the final and your still stuck on answering what should you do?
stare into space
Move on to the next question
give up
Continue on the question until you write response
which one represents shift in supply
John Locke
why do all choices incur an opportunity cost?
So we now the price we pay for our action
Cause our choices come in pros and cons depending on the one we pick
so that you can pay
not enough information to answer question
draw an example of scarcity

what is the best and only way to explain globalization
the reason why I have anime in american due to the mobile spread of idea
the way things spread all over globablly due to technology and interaction with other
Globalization refers to the spread of the flow of financial products, goods, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.
Globalization is the word for the current era of global free trade, in which virtually all countries can engage in free trade with one another.
