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Chapter 4 flashcards
Fichas del conjunto (22)
- 1Political Economy: The study of how politics and economics are related and how their relationship shapes the balance between freedom and equality.none
- 2Property: Ownership of the goods and services exchanged through markets. Ex: land, buildings, businessesdef
- 3Markets: Interactions between the forces of supply and demand, and they allocate resources through process of those interactions.def
- 4Public 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 themdef
- 5Social Expenditures: State's provision of public benefits, such as education, health care, and transportation, or welfare or welfare state.Def
- 6Gross Domestic Product: Total market value of goods and services produced by one country in a year.Def.
- 7Central 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 economydef.
- 8Inflation: increase in the general price level of goods and services in the economy when demand outstrips supply.def
- 9Hyperinflation: Inflation that is higher than 50 percent a month for more than two months in a row.def
- 10Deflation: When too many goods are chasing too little money.def
- 11Regulation: 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. - 12Monopoly: Market controlled by a single producerdef
- 13Tariffs: Taxes on imported goodsdef
- 14Quotas: Limit the quantity of certain goods coming into the country and other nontariff regulatory barriers.def
- 15Nontariff 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
- 16Comparative Advantage: The ability to produce a particular good or service relatively more efficiently than other countries.def
- 17Mercantilism: Stands apart in the debate over freedom and equality that separates liberalism, social democracy, and communismdef
- 18Parastatals: Attempting to create or control businesses that are viewed as critical for international competitivenessdef
- 19Purchasing 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
- 20Gini Index: Mathematical formula that measures the amount of economic inequality in a society.def
- 21Human 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
- 22Economic 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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- Fichas sobre Chapter 4 flashcards, creado por Amirah Omar el 29/09/2021.
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