Economics 101

& The Spanish Economy

Print Copy

  1. What does the word economy, taken from the Greek oeconomia, actually mean?
  2. Give a definition of what the economy is today
  3. What word do economists use to talk about money?
  4. What book did Adam Smith write?
  5. In what century did he write it?
  6. Why is he so famous?
  7. What was his job?
  8. Which part of the United Kingdom was he from?
  9. Name one aspect concerning the economy that he explained in his text
  10. Smith referred to the ‘Division of Labour‘ in his book. What do we call it today?
  11. What does Supply and Demand determine in the economy?
  12. What product does Adam Smith use to illustrate the power of the division of labour?
  13. Why, according to Smith, is the division of labour beneficial for the economy?
  14. What negative aspect was there concerning the division of labour and what was Smith’s solution?
  15. What did Smith say trade provides for the individual?
  16. What did Smith believe trade would bring to the world?
  17. Smith said that there are two types of capital? What were they?
  18. Price is determined by which two factors?
  19. What did Henry Ford invent?
  20. Name one other thing Henry Ford did
  21. What are the three sectors of the economy?
  22. Give an example of an industry in each sector
  23. Give an example of ‘productive capital‘
  24. Give an example of ‘unproductive capital‘
  25. Give a definition of the primary sector
  26. Give a definition of the secondary sector
  27. Give a definition of the tertiary sector
  28. What do the initials GDP stand for?
  29. Which areas in Spain were the first to industrialise?
  30. What did these regions produce?
  31. What does Spain mine?
  32. What mineral does Spain have the largest deposits of?
  33. Spain also mines the most what in Europe?
  34. Name the 7 ferrous metals that Spain mines today
  35. True or False – Spain is strongly dependent on non-renewable energy
  36. What was the Spanish Miracle?
  37. How did the Spanish Miracle occur?
  38. What event halted the industrialisation in Spain?
  39. Which areas industrialised after Catalunya and the Basque Country?
  40. What happened to Spanish industry after 1975?
  41. What does ‘restructuring’ mean?
  42. What is a property bubble?
  43. When was the last economic crisis?
  44. What caused the last economic crisis?
  45. What do you know about the automobile industry in Spain?
  46. Which is the second most important industry for exports in Spain after automobile manfacture?
  47. Where does most industrial manufacturing take place in Spain?