People
New Deal
Franklin Roosevelt
firms that are price takers
perfect competition
holds a policy of "most-favoured nation"
WTO
a system for the production, distribution, and consumption of goods
economy
based upon public and governmental control of the production and distribution of nearly all national resources
Communism
The Wealth of Nations
Adam Smith
separates the work to be performed into individualized tasks
division of labor
invisible hand
Adam Smith
differentiated products
monopolistic competition
controls the money supply of the U.S.
Federal Reserve
guided by the choices made by the private sector
free enterprise
can seep into an economy without the majority of people realizing that their foundational freedoms are being dissolved away
socialism
Das Kapital
Karl Marx
official currency of the EU
euro
prophet of doom
Thomas Robert Malthus
only one supplier of a good for which there is no substitute
monopoly
created to maintain international peace
United Nations
regulated by the public sector
command
advocates massive spending during recessions
Keynesianism
standardized parts
Henry Ford
total amount invested in the production of a good
input
supply-side economics
Ronald Reagan
dominated by only a few firms
oligopoly
established at the end of WW2 to provide capital needed to rebuild war-torn Japan and Western Europe
World Bank
bases production of goods on customs and habits
traditional
regards the entire world as one giant community that should be unified politically and economically
globalism
French group who advocated for laissez-faire economics
physiocrats
what type of account is a checking account
transaction account
monetarism
Milton Friedman
four factors of production
natural resources, labor, capital, & entrepreneurship
established to monitor currency exchange
IMF
Name 3 basic components of capitalism
limited government, property rights, freedom of enterprise, & competition
advocates the stockpiling of gold and silver in the state's treasury
mercantilism
comparative advantage
David Ricardo
one of the first antitrust laws enacted in the U.S.
Sherman Act