Ben S.Bernanke was the chairman of the United States Federal Reserve (the Fed) from 2006 to 2014.
A command economy (also known as a “planned economy”) occurs when decisions about the production and allocation of all goods and services are made by one central government authority. Command economies are characterized by centralized control, forecasting, and pricing.
Elasticity is a measure of the change in one variable in response to a change in another.In economics, elasticity generally refers to variables such as supply, demand, income, and price.
In The Theory of Moral Sentiments, Adam Smith theorized that as every individual intends to seek out his own gains, he is “led by an invisible hand to promote an end which was no part of his intention.” What does the invisible hand of the marketplace do?Does it suggest that at all times, there is a higher influence that guides how free markets run?
A trade bloc (or trading bloc) is a type of agreement between governments where barriers to international trade are eliminated or reduced between participating nations/regions. Reducing or eliminating barriers (such as tariffs and non-tariffs) allows members within the agreement to trade amongst each other more easily and freely.The point is also to establish guidelines when trading with non-members, which can have an impact on global trade patterns.