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

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.

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

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

Speed money, grease payments, or facilitating payments are monies paid to:

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

During the 1970s, a group of economists pointed out the ability of firms to attain economies of scale that could have important implications for international trade. Their thinking became known as ________.

In the “Big Thinkers” video about whether the world is flat, Indian technology entrepreneur Nandan Nilekani cites the case of Pizza Hut in India as proof that globalization is leading to the homogenization of cultural tastes and preferences.

According to Adam Smith, countries should specialize in the production of goods for which they have an absolute advantage and then _________.

David Ricardo’s theory of comparative advantage attempts to rationalize why some countries export automobiles, consumer electronics, and machine tools, while other countries export chemicals, watches, and jewelry. This rationalization is best explained in terms of