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26 Cards in this Set
- Front
- Back
Political Economy
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The study of the interaction between states and markets.
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Market
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The interactions between the forces of supply and demand that allocate resources.
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Property
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Goods or services that are owned by an individual or group, privately or publicly.
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Public Good
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Goods, provided or secured by the state, available to society and which no private person or organization can own.
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Social Expenditure
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State provision of public benefits, such as education, health care, and transportation.
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Central Bank
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The state institution that controls how much money is flowing through the economy, as well as how much it costs to borrow money in that economy.
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Inflation
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An outstripping of supply by demand, resulting in an increase in the general price level of goods and services and the resulting loss of value in a country's currency.
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Hyperinflation
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Inflation of more than 50 percent a month for more than two months in a row.
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Deflation
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A period of falling prices and values for goods, services, investments, and wages.
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Regulation
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A rule or order that sets the boundaries of a given procedure.
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Monopoly
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A single producer that is able to dominate the market for a good or service without effective competition.
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Tariff
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A tax on imported goods.
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Quota
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A nontariff barrier that limits the quantity of a good that may be imported into a country.
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Nontariff Regulatory Barriers
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Policies and regulations used to limit imports through methods other than taxation.
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Comparative Advantadge
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The ability of one country to produce a particular good or service more efficiently relative to other countries' efficiency in producing the same good or service.
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Political-economic System
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The relationship between political and economic institutions in a particular country and the policies and outcomes they create.
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Laissez-faire
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The principle that the economy should be "allowed to do" what it wishes; a liberal system of minimal state interference in the economy.
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Capitalism
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A system of production based on private property and free markets.
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Neocorporatism
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A system of social democratic policy making in which a limited number of organizations representing business and labor work with the state to set economic policy.
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Mercantilism
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A political-economic system in which national economic power is paramount and the domestic economy is viewed as an instrument that exists primarily to serve the needs of the state.
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Parastatals
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Industries partially or fully owned by the state.
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Gross-domestic Product GDP
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The total market value of all goods and services produced by a country over a period of one year.
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Purchasing- Power Parity PPP
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A statistical tool that attempts to estimate the buying power of income across different countries by using prices in the United States as a benchmark.
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Gini index
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A statistical formula that measures the amount of inequality in a society; its scale ranges from 0 to 100, where 0 corresponds to perfect equality and 100 to perfect inequality.
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Human Development Index HDI
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A statistical tool that attempts to evaluate the overall wealth, health, and knowledge of a country's people.
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Economic Liberalization
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Changes consistent with liberalism that aim to limit the power of the state and increase the power of the market and private property in an economy.
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