This is the fundamental law of economics that asserts once the price of a good increases, its consumption decreases.

In an economy, this is the amount of a good or service purchased or desired for purchase by consumers.

This is the state of being in short supply.

This is an internal or external drive that motivates or encourages one to do something.

This is a requirement for an individual to continue a healthy life.

The study of economy-wide phenomena, including inflation, unemployment, and economic growth

The financial gain made in a transaction

This fundamental principle of free market economics ensures that a variety of suppliers will result in equilibrium price and high(er) production quality.

This is the term used to define when the supply of a good or service meets the amount demanded by consumers.

This French term means 'hands off,' often referring to a lack of government interference in the economy.

These were regulatory entities that determined prices, quality, production technique, employment, etc., in a given industry. Adam Smith advocated their removal as an impediment to market forces and innovation.

This is the study of economics concerned with the single factors and decisions of individuals.

This is the fundamental law of economics that asserts once the price of a good increases, so too does its production.

This is the concept that profit-driven individuals will provide for society's needs.

17th century English philosopher who opposed the Divine Right of Kings and who asserted that people have a natural right to life, liberty, and property. This man helped articulate and codify the doctrine of natural rights the blank slate.

In an economy, this is the amount of a good or service provided by producers.

This is a circumstance when the supply of a good or service falls short of the amount demanded by consumers.

This is a circumstance when the supply of a good or service exceeds the amount demanded by consumers.

This is the country from which John Locke hails.

This is the country from which Adam Smith hails.

This is a tax on a foreign import.

The Wealth of Nations

This book articulated and codified the foundational beliefs of modern free-market economics.

This is an economic theory and system predicated upon a country's trade and industry being controlled by private owners for profit, rather than by the state.

This is the practice of eliminating tariffs in order to maximize regional and interregional commercial trade.

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Econ-Vocab 3

Term	Definition
law of demand	This is the fundamental law of economics that asserts once the price of a good increases, its consumption decreases.
demand	In an economy, this is the amount of a good or service purchased or desired for purchase by consumers.
scarcity	This is the state of being in short supply.
incentive	This is an internal or external drive that motivates or encourages one to do something.
need	This is a requirement for an individual to continue a healthy life.
Macroeconomics	The study of economy-wide phenomena, including inflation, unemployment, and economic growth
profit	The financial gain made in a transaction
competition	This fundamental principle of free market economics ensures that a variety of suppliers will result in equilibrium price and high(er) production quality.
equilibrium	This is the term used to define when the supply of a good or service meets the amount demanded by consumers.
laissez-faire	This French term means 'hands off,' often referring to a lack of government interference in the economy.
craft guilds	These were regulatory entities that determined prices, quality, production technique, employment, etc., in a given industry. Adam Smith advocated their removal as an impediment to market forces and innovation.
Microeconomics	This is the study of economics concerned with the single factors and decisions of individuals.
law of supply	This is the fundamental law of economics that asserts once the price of a good increases, so too does its production.
The Invisible Hand	This is the concept that profit-driven individuals will provide for society's needs.
John Locke	17th century English philosopher who opposed the Divine Right of Kings and who asserted that people have a natural right to life, liberty, and property. This man helped articulate and codify the doctrine of natural rights the blank slate.
supply	In an economy, this is the amount of a good or service provided by producers.
shortage	This is a circumstance when the supply of a good or service falls short of the amount demanded by consumers.
surplus	This is a circumstance when the supply of a good or service exceeds the amount demanded by consumers.
Great Britain	This is the country from which John Locke hails.
Scotland	This is the country from which Adam Smith hails.
tariffs	This is a tax on a foreign import.
The Wealth of Nations	This book articulated and codified the foundational beliefs of modern free-market economics.
capitalism	This is an economic theory and system predicated upon a country's trade and industry being controlled by private owners for profit, rather than by the state.
free trade	This is the practice of eliminating tariffs in order to maximize regional and interregional commercial trade.

Created by: user-1800817

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