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34 Cards in this Set
- Front
- Back
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total demand for goods and services in an economy
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aggregate demand
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total supply of goods and services in an economy
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aggregate supply
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group in a society that carries on commerce and industry ( the middle class; distinct from landowners, wage earners, farmers)
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bourgeoisie
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practice where a government spends more money that it receives as revenue. Usually refers to the conscious effort to stimulate economic growth by lowering taxes or increasing government expenditures
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deficit spending
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official reduction in the exchange value of a currency by lowering its gold equivalency or its value relative to another currency
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devaluation
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a variety of exports including industrial and agricultural goods; can generate wealth and a favorable balance of trade for a country
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diversification
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in a nations GNP ( 4-5 % a year is considered good)
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economic growth
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using a variety of economic means (sanctions, embargos, tariffs) to hurt the economy of a rival nation(s)
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economic warfare
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government order prohibiting the entry or departure of commercial ships, or planes. Also refers to any restriction imposed on commerce by law
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embargo
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a nation exports more than it imports; or the reverse
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favorable/unfavorable balance of trade
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trade carried on without government regulation, especially international trade
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free trade
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territory covered by a economic cooperative arrangement among two or more nations
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free trade area
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movement of nations toward more and more economic interdependence
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globalization
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seven most industrialized nations (USA, UK, FR, Ger., Italy, Japan, Canada)
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G-7
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gross domestic product ( only within a nation)
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GDP
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gross national product (everywhere)
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GNP
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nations facing unsustainable debt burdens, but have tried to reform according to the IMF
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Heavily Indebted Poor Countries (HIPCs)
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the structure that underlies and makes possible all economic activity in a country (communications, roads, bridges, schools, etc…)
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infrastructure
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based in Washington, DC; provides financial advice and funding to countries that are experiencing debt payment difficulties
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international monetary fund
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“hand off” free market economic system; most associated with capitalism
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laissez faire
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urban area over 10 mil. People
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megacity
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a nation being too dependant on one major crop; leads to poverty
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monocultural exportation
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economic treaty between two nations where one offers the best deal to the other; usually reciprocated (ex: USA and China)
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most favored nation (MFN)
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to take over ownership by a national government
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nationalize
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North American Free Trade Agreement (1994) (USA, Canada, Mexico) 2nd largest free-trade area (EU 1st) in the world
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NAFTA
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wealth of a nation (GNP) divided among its population
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per capita income
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part of the economy NOT involved with the public sector (government)
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private sector
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transferring government ownership to individuals
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privatization
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protecting domestic manufacturers from foreign competition by imposing tariffs and quotas on imported goods
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protectionism
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a coercive economic measure, usually adopted by several nations, for forcing a country resisting international law to desist or yield to adjudication
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sanctions
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life of a nation based on goods and services available to the population
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standard of living
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a “tax” imposed by a government on imported or exported goods
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tariff
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a multinational lending agency that tried to reduce poverty by promoting sustainable economic growth for nations in assistance
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World Bank
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est. in 1995; a multinational organization that helps regulate and promote global trade issues
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World Trade Organization (WTO)
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