Economics review 1

3. French term meaning "let alone"
6. habit of spending more than one can afford
7. any system for the production, distribution and consumption of goods
8. difference in value of the goods that a country sells abroad compared to those it purchases from other countries
9. worth that consumers attach to it
10. that seeks to help those making decisions to make wise choices
12. system for the production,distribution and consumption of goods and services
13. establishment of colonies and extensive territories created to benefit their mother countries
15. of the Austrian School of Economists, also found the Diamond-Water Paradox
18. desire, a longing, an appetite for something
19. the human activity that results in the creation of goods and services
20. of goods, or performance of tasks, based upon comparative advantage

1. source of wealth
2. used in the production and distribution of goods and services
4. study of the choices that individuals and societies make in the production, distribution, and consumption of goods
5. Smith was a professor of___________ _______
11. value of all the thing people own
12. in a free market resources are allocated with the greatest________
14. the wealth of nationsfather of economics)
16. asks why rare items command high prices while necessities usually command low
17. on imported goods