Economics Lesson 1.05 a&b Exit Ticket Study Material

Adam Smith suggests that increased competition will allow prices to be kept ______________________

low

Adam Smith believed that _____________ would lead to the production of items that consumers want.

self interest

Which of the following is true when workers specialize in the production of one good?

the quantity of output produced by the worker increases

Within a ________________________ economy, we often see both producers and consumers responding to the incentive of price changes.

market

Which of these is a main feature of the market economy?

. The profit motive

The United States is a ______________ economy, with nearly all of the characteristics of a ____________________ economy.

mixed, market