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26 Cards in this Set
- Front
- Back
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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 advantage
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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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