Names in History
The 'father of modern macroeconomics' and author of The General Theory of Employment, Interest, and Money.
John Maynard Keynes
The central bank of the United States
The Federal Reserve System
A rise in the general level of prices
Inflation
An ideal type of market structure where all producers and consumers have full and symmetric information and no transaction costs
Perfect Competition
In economic terms, land, labor, and capital refers to
Factors of Production
An American mathematician who was awarded the 1994 Nobel Prize for Economics for his landmark work, on the mathematics of game theory.
John Forbes Nash Jr.
Global international organization dealing with the rules of trade between nations
World Trade Organization (WTO)
Wants are unlimited. Resources are limited.
Scarcity
A market structure with a small number of firms, none of which can keep the others from having significant influence.
Oligopoly
Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy
Supply and Demand
He developed the theory of comparative advantage.
David Ricardo
Comprised of 27 European countries and governs common economic, social, and security policies.
European Union (EU)
People focus on producing a few things instead of making everything they want by themselves.
Specialization
A dominant position of an industry or a sector by one company, to the point of excluding all other viable competitors.
Monopoly
A severe worldwide economic crisis that occurred in the early 21st century
Financial Crisis of 2008
His book The Wealth of Nations showed the power of the 'invisible hand' of the market.
Adam Smith
An organization implemented to promote trade between the U.S., Canada, and Mexico.
The North American Free Trade Agreement (NAFTA)
When two people or companies depend on each other to be successful
Interdependence
The economic system of United States
Mixed Economy
If given the marginal cost of a firm, which process would one use to find the total cost?
Integration
The 'father of monetarism,' and author (with Anna Schwartz) of A Monetary History of the United States, 1867–1960.
Milton Friedman
An international organization dedicated to providing financing, advice, and research to developing nations to aid their economic advancement.
World Bank
The economic activity in an economy is on the decline, and has registered two consecutive periods of negative growth
Recession
The economic system and model of economic development employed in the People's Republic of China
Socialist Market Economy
Assuming a firm has a total cost function defined as C(x)= 6x^2 - 4x + 5, what is the marginal cost of the firm?
12x-4