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21 Cards in this Set
- Front
- Back
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the income earned when as asset is bought at a particular price and sold at a higher price
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capital gains
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a hypotheical tax on income that is spent on consumer goods and services, as opposed to income that goes into savings
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consumption tax
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ways of using available resources to produce output
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technology
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a gov't grant of exclusive rights to used or sell a new technology for a period of time
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patent
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total output peraverage work hour, calculated as GDP divided by the number of work hours
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labor productivity
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removal of gov't control of prices
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decontrol of prices
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sale of gov't owned enterprises ot the private sector
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privatization
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change in policies and institutions that moves economies to freer markets
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economic reform
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money earned from the sale of petroleum. petroleum prices are denominated in dollars
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petrodollars
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an international organization, largely funded by Western industrialized countries, that provides conditional loans and financial assistance ot needy countries
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international monetary fund (IMF)
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reductions in the nation's money supply that serve to raise interest rates and reduce aggregate demand
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contractionary monetary policy
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a process whereby less-developed countries invest funds in foreign countries
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capital flight
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the obligation to meet certain requirements in exchange for financial assistance
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conditionality
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an economic system wherein the economic decisions are made by the private sector via the marketplace, and the means of production are owned by the private sector
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capitalism
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an economic system wherein the economic decisions are made by the public (gov't) sector, and the means of production are owned by the public sector
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socialism
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the industrialized capitalist countries of the world
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western industrialized world
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the industrialized ex-socialist countries of Eastern Europe.
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formerly socialist industrialized world
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the less-developed countries of the world
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less-developed world
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a movement toward freer markets
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liberalism
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a sustained increase in production, represented by an outward shift of the production possibilities curve. an increase in GNP (GDP) or GNP per capita (GDP per capita) over an extended time period
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economic growth
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GDP minus private and gov't consumption spending, relative to GDP
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savings rate
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