Economics Flashcards
1
Q
4 factors of production
A
Land
Labor
Human and physical capital
Entrepreneurship
2
Q
Macro
A
Focus on national and global networks
3
Q
Micro
A
Small businesses, individual decisions
4
Q
Who created the concept of the individual hand
A
Adam smith
Unintended benefits gained from market competition
5
Q
Market and command systems differences
A
Market- Controlled by private individual enterprises
Command- Controlled by the government
6
Q
Comparative advantage and Specialization
A
Nations will specialize in producing certain products and will use the advantage they have in creating said product to trade with other nations who have advantage in other areas
Everyone wins
Nations specialize in producing a specific product
