Economic and Social Developments in the Modern World Quiz

South Korea experienced rapid economic growth and development following the Korean War, known as the 'Miracle on the Han River'.

The United Kingdom is regarded as the birthplace of the Industrial Revolution, marked by significant advancements in manufacturing, technology, and economic growth.

Gross Domestic Product (GDP) measures the total value of goods and services produced within a country's borders over a specified period, reflecting its economic output.

Keynesian economics advocates for increased government spending during economic downturns to stimulate demand and stabilize the economy.

Gross Domestic Product (GDP) per capita measures the average economic output per person within a country, providing insight into the standard of living.

Adam Smith is known as the 'Father of Economics' for his foundational work in classical economics, particularly 'The Wealth of Nations'.

Laissez-faire economics advocates for minimal government intervention in the economy, allowing markets to operate freely.

The World Trade Organization (WTO) is tasked with overseeing international trade rules and negotiations, aiming to facilitate smooth global commerce.

In a command economy, production is centrally planned and controlled by the government, typically without private ownership of production means.

Adam Smith authored 'The Wealth of Nations', a seminal work in economics, advocating for free-market principles and the division of labor.

Joseph Schumpeter introduced the concept of 'Creative Destruction', describing the process where innovation leads to the obsolescence of existing industries and the emergence of new ones.

The Gini coefficient is a statistical measure used to assess income inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).

The Consumer Price Index (CPI) tracks the average change in prices of a basket of goods and services over time, providing insight into inflation trends.

Milton Friedman is credited with developing the theory of 'rational expectations', suggesting that people form expectations about the future based on all available information, leading to efficient market outcomes.

Milton Friedman proposed the theory of 'rational expectations', suggesting that individuals make decisions based on all available information, leading to efficient market outcomes.