Adam smith

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7 Terms

1
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mercantilism

the buildings of a nations wealth by extracting it from other countries or colonies

2
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three components

Land, labor, and capital

3
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scarcity

the availability of a product or service

4
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self interest

believed that buyers, and sellers, or consumers and producers acted naturally because of this

5
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the invisible hand

the out come of the interaction between a buyer and a seller

6
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quality and lowest

the buyers have two incentives when buying a product or service

7
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three basic economic questions

what is to be produced?, how will it be produced?, who is the consumer?