Podcast
Questions and Answers
Economics thrives with competition, capitalism, and a ______ economy.
Economics thrives with competition, capitalism, and a ______ economy.
free market
Adam Smith wrote 'The Wealth of Nations' in ______.
Adam Smith wrote 'The Wealth of Nations' in ______.
1776
Specialization leads to a more ______ world.
Specialization leads to a more ______ world.
efficient
Repetition leads to becoming more ______ in a task.
Repetition leads to becoming more ______ in a task.
Laissez Faire advocates for a 'hands off' approach by the ______.
Laissez Faire advocates for a 'hands off' approach by the ______.
The Invisible Hand can encourage ______
The Invisible Hand can encourage ______
Negative externalities arise when one party makes another party worse off without bearing the ______
Negative externalities arise when one party makes another party worse off without bearing the ______
The United States has the largest economy in the world with 20% of the world's ______
The United States has the largest economy in the world with 20% of the world's ______
Mixed Economies have elements of any 2 pure systems and are somewhere in between complete government control and no government control. They aim to balance socialism and ______
Mixed Economies have elements of any 2 pure systems and are somewhere in between complete government control and no government control. They aim to balance socialism and ______
Socialism works within the system to create change and aims to divide wealth evenly among the people to reduce the disparity that exists between the ______ & poor
Socialism works within the system to create change and aims to divide wealth evenly among the people to reduce the disparity that exists between the ______ & poor
