In the “Big Thinkers” video about whether the world is flat, author Pankaj Ghemawat states his belief that young people in the West should no longer train for careers in software, financial services, and manufacturing due to increasing competition from workers in China and India.

The concept of corporate social responsibility (CSR) refers to the idea that businesspeople should consider the social consequences of economic actions when making business decisions.

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.

In a ________ economy, certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant state ownership and government planning.

The WTO arbitrates trade disputes between its member states. What is one power of particular interest that the WTO can use?

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.

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

The term political economy is used to stress the fact that the political, economic, and legal systems of a country are independent of each other and do not influence one another.