Economics: Unit 1 Test

Economics:  Unit 1 Test Vocabulary 
Created Dec 16, 2009
by phamm
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Efficiency 
Most societies try to maximize what they can get for the resources they have to work with
Underutilization
Fewer resources than the economy is capable of using
Invisible Hand 
Term used by Adam Smith to describe the natural force that guides free...
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...
Expropriation
The method of taking away an individual's property


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