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21 Cards in this Set

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