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Ch 16 Les 1,2,3 Quiz
Quiz Review
| Question | Answer |
|---|---|
| adam smith | Scottish philosopher and economist who is best known as author of An Inquiry into the Nature and Causes of the Wealth of Nation |
| fixed costs | expense that does not change no matter how much a business produces |
| benefit-cost analysis | economic model that compares the marginal costs and marginal benefits of a decision |
| opportunity cost | cost of next best use of time or money when choosing to do one thing or another |
| mixed market economy | a market that has elements of traditional, market, and command economies |
| economics | a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services |
| how does economy relate to our lives | minimum wage, business, home, work, car, and college |
| economic system | a nation's way of producing things its people want and need |
| differentiate market and command economies | command has government make major decisions and market is where individuals and businesses own their resources and make economic decisions on basis of pricee |
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2018grellerj
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