An economic theory that emphasized the importance of stockpiling gold and silver to the economic power of a nation. Regulated the economy by encouraging exports and restricting imports.

An economic system in which the allocation of resources is heavily controlled by government instead of free market forces.

Economic regulations passed by British Parliament to enforce trade regulations in the colonies

The philosophy of a free market economy in which the government serves only to create an acceptable environment in which to make exchanges.

The Wealth of Nations

Book written by Scottish economist Adam Smith that criticized mercantilism and proposed a free market economy in which the “invisible hand” determined prices.

Divisions of the economy that specialize in certain goods or services.

An economic model advanced by Adam Smith in which the forces of individual self-interest regulate the economy. This self-regulation eliminates the need for most government interventions.

Money facilitates exchange by eliminating the necessity for a coincidence of wants, functioning as a generally acceptable medium for exchange.

When two parties each possess something desired by the other, promoting an exchange.

The economic practice of focusing resources on production of one or a few goods.

When buyers and sellers have no influences on price and terms of exchange.

When sellers are conspiring to maintain high price and avoid competing with one another.

When one person or group captures enough market power to control or manipulate prices; the lack of competition in a market.

As the price of a particular good or service rises, suppliers will produce more of that good or service.

As the price of a particular good or service rises, individuals will buy less of that good or service.

In a market economy, prices determine the quantity of goods supplied.

In a market economy, as profits increase, the number of suppliers and resources for making that good will increase.

The price at which the amount demanded is equal to the amount supplied.

When the amount demanded is greater than the amount supplied.

When the amount supplied is greater than the amount demanded. =

Adam Smith’s term for the natural self-regulation of a market economy driven by self-interest and efficiency.

Policy in which there is little or no interference with exchange, trade, or market prices by the government.

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City Upon a Hill Ch4

City Upon a Hill Chapter 4 for A HTG 100

Question	Answer
Mercantilism	An economic theory that emphasized the importance of stockpiling gold and silver to the economic power of a nation. Regulated the economy by encouraging exports and restricting imports.
Command System	An economic system in which the allocation of resources is heavily controlled by government instead of free market forces.
Navigation Acts	Economic regulations passed by British Parliament to enforce trade regulations in the colonies
Capitalism	The philosophy of a free market economy in which the government serves only to create an acceptable environment in which to make exchanges.
The Wealth of Nations	Book written by Scottish economist Adam Smith that criticized mercantilism and proposed a free market economy in which the “invisible hand” determined prices.
Markets	Divisions of the economy that specialize in certain goods or services.
Market Economy	An economic model advanced by Adam Smith in which the forces of individual self-interest regulate the economy. This self-regulation eliminates the need for most government interventions.
Exchange	Trade between two parties.
Role of Money	Money facilitates exchange by eliminating the necessity for a coincidence of wants, functioning as a generally acceptable medium for exchange.
Coincidence of Wants	When two parties each possess something desired by the other, promoting an exchange.
Specialization	The economic practice of focusing resources on production of one or a few goods.
Perfect Competition	When buyers and sellers have no influences on price and terms of exchange.
Collusion	When sellers are conspiring to maintain high price and avoid competing with one another.
Monopoly	When one person or group captures enough market power to control or manipulate prices; the lack of competition in a market.
Law of Supply	As the price of a particular good or service rises, suppliers will produce more of that good or service.
Law of Demand	As the price of a particular good or service rises, individuals will buy less of that good or service.
Role of Prices	In a market economy, prices determine the quantity of goods supplied.
Role of Profits	In a market economy, as profits increase, the number of suppliers and resources for making that good will increase.
Equilibrium Price	The price at which the amount demanded is equal to the amount supplied.
Shortage	When the amount demanded is greater than the amount supplied.
Surplus	When the amount supplied is greater than the amount demanded. =
The Invisible Hand	Adam Smith’s term for the natural self-regulation of a market economy driven by self-interest and efficiency.
Laissez-faire	Policy in which there is little or no interference with exchange, trade, or market prices by the government.

Created by: jaredririe

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