Economics: Unit 1 Test

Economics:  Unit 1 Test Vocabulary 

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Side ASide B
Most societies try to maximize what they can get for the resources they have to work with
Fewer resources than the economy is capable of using
Invisible Hand 
Term used by Adam Smith to describe the natural force that guides free market capitalism through competition for scarce resources....
Dialectic of History 
Cycle of destruction & creation 
Surplus Value
Human labour was the source of economic value. The capitalist pays his workers less than the value their labour has added to the goods, usually only enough to maintain the worker at...
The method of taking away an individual's property

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