Thomas Sowell
A general rise in prices.
What is inflation.
Enabled companies to raise money on a large scale by anonymous investors.
What is the stock market.
Demand exceeds supply.
What is a shortage.
Stated that division of labor is dehumanizing.
Who is Karl Marx.
Making tangible goods from raw materials.
What is manufacturing.
A general decrease in the prices for goods and services.
What is deflation.
Invested money that individuals save for their retirement.
Pension Fund
The quantity of a good supplied by producers equals the quantity demanded by consumers.
What is equilibrium.
Argued that the division of labor was the ultimate source of increasing wealth.
Land, Labor, Capital, and Entrepreneurship.
What are the four factors of production.
Helps businesses meet legal financial obligations via short-term loans.
What is a bank.
Panicked depositors rush to withdraw their money from a bank.
A _____ curve goes up and to the right.
supply
Revolutionized manufacturing with the moving assembly line.
Who is Henry Ford.
Measures the price movements of a market basket of goods.
What is the Consumer Price Index (CPI).
Protects a consumers bank deposits in the event of a bank failure.
What is the Federal Deposit Insurance Corporation (FDIC).
When a company sells its shares to outsiders for the first time.
What is an initial public offering (IPO).
A _____ curve goes up and to the left.
demand
Father of Lean Manufacturing.
Who is W. Edwards Deming.
Allows poor economies to make good use of their raw materials.
What is a strong manufacturing base.
System where banks keep only part of deposits as reserves and lend out the rest.
What is Fractional Reserve Banking.
Helps companies raise money and advises on financial deals like mergers.
What is an investment bank.
When the entire supply curve moves left or right.
What is a shift in supply.
Invented "therbligs" to describe motions for manual workplace tasks.
Who is Frank and Lillian Gilbreth.
Modern currency with finite supply.
What is bitcoin.