Fill in the blanks to make the following statements correct.
a. An important insight by early economists was that an economy based on free-market transactions is_______-organizing. Adam Smith developed the idea that _______, not benevolence, is the foundation of economic order.
b. Self-interested buyers and sellers respond to_______ created by market prices.
c. The three types of decision makers in any economy are______.
d. Consumers are assumed to make decisions that will______ their utility. Producers are assumed to make decisions that will ______their profit.
e. Consumers and producers are assumed to weigh the costs and benefits of their decisions at the_______. For example, for a consumer, the benefit of buying “one more” unit of a good must out weigh the ________of buying that unit.