Economics: Unit 1 Test

6 cards

Economics:  Unit 1 Test Vocabulary 


 
  
Created Dec 16, 2009
by
phamm

 

 
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1
Efficiency 
 
Most societies try to maximize what they can get for the resources they have to work with
2
Underutilization
 
Fewer resources than the economy is capable of using
3
Invisible Hand 
 
Term used by Adam Smith to describe the natural force that guides free...
4
Dialectic of History 
 
Cycle of destruction & creation 
5
Surplus Value
 
Human labour was the source of economic value. The capitalist pays his workers less than the...
6
Expropriation
 
The method of taking away an individual's property


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