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Economics Exam Study Guide for Chapters 1-7, part 1

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Across
The American automobile industry is an example of this.
Factor of production
2 words: when the price of a good falls, consumers tend to buy more of that good
Antitrust Act passed in 1914
2 words: type of good that does not last more than three years
What is a group of firms that produce similar products or provide similar services
What is the clothing retail industry in a large city an example of?
Gunpowder entrepreneur
Study of the choices that individuals and societies make in the production, distribution, and consumption of goods
Compares price with quantity
Physiocracy
Down
2 words: a type of good that is directly related to a consumer's income
Economic system based upon custom, heredity, and caste
This group favored a natural economy
2 words:besidse limited government and freedom of enterprise and competition, to what does the free market economy owe its progress.
Type of economic system that is controlled by a centralized authority
Investigates trade practices for government
Adam Smith's most famous book
2 words: invisible hand
Comparative advantage
Mass production
the tyoe of good that a truck is that is used by a florist