Pg 4 Flashcards
(10 cards)
What is capitalism?
Owned by private individuals or corporations rather than the government
Key characteristics include private ownership, market economy, profit motive, and competition.
Who is John Meynard Keynes?
Economist who believed government intervention was necessary during economic recessions
He argued that government should increase spending and cut taxes to boost consumption.
What did Friedrich Hayek advocate for?
Free-market capitalism and limited government
Hayek emphasized the importance of individual choice and competition in the market.
What is Milton Friedman known for?
Supporting free-market capitalism and minimal government intervention
Friedman argued against excessive government regulation of the economy.
What does the WTO stand for?
World Trade Organization
It deals with the rules of trade between nations and facilitates smooth, predictable, and free trade.
What was the aim of the Kyoto Protocol (1997)?
To reduce greenhouse gas emissions responsible for global warming and climate change
The protocol was an international agreement that set binding obligations on industrialized countries to reduce emissions.
Fill in the blank: Capitalism is characterized by _______.
private ownership
True or False: John Meynard Keynes believed in a laissez-faire approach to the economy.
False
Keynes advocated for government intervention during economic downturns.
What are the key components of capitalism?
- Private ownership
- Market economy
- Profit motive
- Competition
Fill in the blank: The WTO facilitates _______ trade between countries.
free
