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Description
Flashcards by Amirah Omar, updated more than 1 year ago
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Created by Amirah Omar
over 2 years ago
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| Question | Answer |
| Political Economy: The study of how politics and economics are related and how their relationship shapes the balance between freedom and equality. | none |
| Property: Ownership of the goods and services exchanged through markets. Ex: land, buildings, businesses | def |
| Markets: Interactions between the forces of supply and demand, and they allocate resources through process of those interactions. | def |
| Public goods: Goods provided or secured by the state that are available for society that are available for society and indivisible, meaning that no one private person or organization own them | def |
| Social Expenditures: State's provision of public benefits, such as education, health care, and transportation, or welfare or welfare state. | Def |
| Gross Domestic Product: Total market value of goods and services produced by one country in a year. | Def. |
| Central Bank: An institution that controls how much money is flowing through the economy as well as how much it costs to borrow money in that economy | def. |
| Inflation: increase in the general price level of goods and services in the economy when demand outstrips supply. | def |
| Hyperinflation: Inflation that is higher than 50 percent a month for more than two months in a row. | def |
| Deflation: When too many goods are chasing too little money. | def |
| Regulation: Rules or orders that set the boundaries of a given procedure may take different forms. | 1. Regulations may be economically in nature. 2. Economic regulations may also control what firms may operate in what markets. |
| Monopoly: Market controlled by a single producer | def |
| Tariffs: Taxes on imported goods | def |
| Quotas: Limit the quantity of certain goods coming into the country and other nontariff regulatory barriers. | def |
| Nontariff Regulatory Barriers: Create health, packaging, or other restrictions and whose purpose is to protects citizens and make it difficult or expensive for foreign goods to be sold in the local market. | def |
| Comparative Advantage: The ability to produce a particular good or service relatively more efficiently than other countries. | def |
| Mercantilism: Stands apart in the debate over freedom and equality that separates liberalism, social democracy, and communism | def |
| Parastatals: Attempting to create or control businesses that are viewed as critical for international competitiveness | def |
| Purchasing Power Parity: Attempts to estimate the buying power of income in each country by comparing similar costs such as food and housing expenses, by using prices in U.S. as a benchmark. | def |
| Gini Index: Mathematical formula that measures the amount of economic inequality in a society. | def |
| Human Development Index: Created by the UN Development , not only looks at the total amount of wealth in a society and its distribution but also gives equal weight to income, health, and average years of schooling. | def |
| Economic Liberalization: Cutting taxes, reducing regulation, privatizing state-owned businesses and state owned businesses and public goods, and expanding property rights. | def. |
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