Theories and Principles
The man responsible for liberal economic theory
Who is Adam Smith
This theory says that the economic well-being of a nation is directly related to its control over the global volume of capital.
What is Mercantilism
The economic dependence of the developing countries on the developed world.
What is Neo-colonialism
Humans have unlimited wants, but limited resources
What is Scarcity
Tariffs, Subsidies, and Import quotas
What are examples of protectionist policies
19 countries and the European Union that work together to discuss and address global economic issues.
What is the G20
The relationship between supply and demand
What is an inverse relationship
The value of goods and services stems not from supply and demand in a market but from the human labor, both physical and mental, required to produce it.
What is Marxism (Economics)
An inability of a country to pay back its debt, has increased recently in Europe
What is the sovereign debt crisis
The value of demands not met
What is opportunity cost
Small-scale economic activities like personal or business decisions vs large-scale issues like national income and unemployment
What is the difference between micro and macro economics
This concept refers to a situation where a power, often a state or political group, exerts significant influence or dominance over other countries despite having limited resources or capabilities
What is “hegemony on a shoestring”
Economic policies that are guided by the protection of national labor, production, and wealth accumulation
What is Economic Nationalism
The study of economic growth in less developed countries
What is the developmentalist perspective
The maximum number of individuals an environment can support without damaging its resources.
What is Carrying Capacity