1. Economic Reasoning Review
Unit 8

2. #1
Adam Smith wrote what book looking at economies and why some countries are successful and others live in poverty?

3. “Wealth of Nations”

4. #2
Adam has narrowed his college selection down to 5 schools. He will rank them 1-5 in the order he will decide where to attend. What is Adam’s Opportunity Cost
University of Kentucky 4
University of Louisville 1
Notre Dame
North Carolina
Indiana

5. Notre Dame

6. #3
What are the three individual resources?

7. #3
Time, money, and skill

8. #4
Who is the father of Communism and wrote the “Communist Manifesto”?

9. #4
Karl marx

10. #5
What type of economic system is shaped largely by customs or religion?

11. #5
Traditional Economy

12. #6
The tools, machine, and buildings used to produce goods and services is the definition of?

13. #6
Capital

14. #7
What is a physical articles that have been produced for sale or use?

15. #7
Good

16. #8
Studying an economy as a whole is what type of economics?

17. #8
Macroeconomics

18. #9
What are the three economic questions we ask when looking at an economy?

19. #9 What goods and services will be produced?
How will they be produced?
For whom will they be produced?

20. #10
What are two gains the a economy gets from specialization and division of labor?

21. #10
More efficient and productive
Higher standard of living

22. #11
______ is something you have to give up to receive a good or service.
________ is what you gain from that experience, good, service, etc

23. #11
Cost
Benefit

24. #12
What is work done by someone else for which a consumer, business, or government is willing to pay for?

25. #12
Service

26. #13
What are the four resources of a country

27. #13
Natural Resources, Labor Force, Technology, Capital

28. #14
What is Economics?

29. #14
The study of how people choose to use their limited resources to fulfill their unlimited wants and needs

30. #15
What type of economy is based on freedom of choice and competition?

31. #15
Market Econony

32. #16
What do we call making a decision based on the best possible combination of costs and benefits?

33. #16
Economizing

34. #17
What type of economy is based on centralized planning and government controlled econony?

35. #17
Command

36. #18
_______ is when we look a the quality of life in a country

37. #18
Standard of Living

38. #19
When there is a lack of a resources or a resource that has more than one valuable use that resource is __________

39. #19
Scarcity

40. #20 Give one example for a current country that is a command economy
Give one example for a current country that is a market economy