Economic Thinkers
The Scottish philosopher who argued that free competition increases investment and wages for all.
Who is Adam Smith?
The basic economic problem where unlimited needs and wants meet limited resources.
What is Scarcity?
This "Bank" was created after WWII to help rebuild nations and promote economic success.
What is the World Bank?
A corporation with headquarters in one country and operations in several others.
What is a Multinational or Transnational Corporation?
A type of company formed by law and owned by shareholders.
What is a Corporation?
He argued for a partnership between government and private interests to manage economic disasters.
Who is John Maynard Keynes?
An economic policy of letting things take their own course without government interference.
What is Laissez-faire?
An international agency that monitors exchange rates and provides loans to countries in financial trouble.
What is the International Monetary Fund / IMF?
Managing business services by relocating them to another country to take advantage of lower costs.
What is Business Process Outsourcing?
Financial wealth used to start or maintain a business.
What is Capital?
A critic of government intervention who believed the market alone should decide prices and production.
Who is Friedrich Hayek?
A condition where workers take on specific tasks to increase efficiency and reduce costs.
What is Specialization?
The location of the 1944 conference where the World Bank and IMF were established.
What is Bretton Woods?
The act of putting money to work in the hope of gaining more money.
What is Investment?
The transfer of ownership from the government to the private sector.
What is Privatization?
An influential economist who believed the global economy benefits everyone by allowing nations to specialize.
Who is Milton Friedman?
A situation where one participant's gain is exactly balanced by another's loss.
What is a Zero Sum Game?
An international organization that regulates world trade and settles trade disputes.
What is the World Trade Organization / WTO?
When two companies join together to become one.
What is a Merger?
The measure of the work done by human beings in the production of goods.
What is Labour?
He argued that capitalism exploits the working class and would eventually be replaced by scientific socialism.
Who is Karl Marx?
The removal or reduction of trade barriers to allow the free exchange of goods between nations.
What is Trade Liberalization?
This index is used by the UN to rank countries based on development rather than just wealth.
What is the Human Development Index?
An economy in which information and expertise are used to create economic benefits.
What is a Knowledge Economy?
The factors needed to produce goods, such as land, tools, and factories
What are the Means of Production?