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Economics Test 1

Terms

Adam Smith
E.I. du Pont
Pierre Samuel du Pont
Carl Menger
Traditional economy
Free market economy
Command economy'
Subsistence economy
Capital Good
Consumer Good
Capitalist
State Capitalism
Entrepreneur
Value
Consumers
Two entities make majority of economic decisions
Division of Labor
Trade Balance
Imperialism
Macroeconomics
Microeconomics
Service
Goods
Economic model
Demand
Market
Laissez-faire
physiocrats
Economics is the study of . . .
Four factors of production are . . .

Essay Question helps:
Know the free market principles found in Adam Smith's work
What was the original Pilgrim economic plan? What changed and how did it help?
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