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Factor endowments are unit cost reductions associated with a large scale of output.

Moore’s law calls attention to the role of transportation technology in lowering production costs.

The strong enforcement of intellectual property laws helps to

First-mover advantages are gained by those companies that are the early entrants to an industry or market.

In the early twentieth century, the socialist ideology split into two broad camps and the people who believed that socialism could be achieved only through violent revolution and totalitarian dictatorship were referred to as

The utilitarian approach to ethics is based on the idea that the moral worth of actions is determined by their ultimate consequences.

The United Nations created the Millennium Development Goals to increase the number of entrepreneurial activities around the world.

According to Milton Friedman, the only responsibility of business is to

Princeton economic historian Harold James believes that the COVID-19 pandemic could lead to technological solutions (e.g., telemedicine) that result in people paying less for essential services, thereby increasing individual purchasing power.

One common measure of economic development is a country’s _________.