Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
|
Gross Domestic Product (GDP)
|
One way to measure the size of a country's economy; the value of all goods and services produced in a country in one year.
|
|
|
Gross National Product (GNP)
|
Value of all goods and services produced in a country in one year, plus income earned by citizens abroad, minus income earned by foreigners in the country.
|
|
|
Purchasing Power Parity (PPP)
|
Uses the exchange rate of two countries to equalize their purchasing power
|
|
|
Rentier state
|
A state whose economy is dependent on only one product for income from other countries (e.g. Iran and Nigeria)
|
|
|
Inflation
|
When a country's currency loses value, resulting in a general rise of prices relating to an increase in the volume of money.
|
|
|
Debt crisis
|
The massive accumulation of loans taken out by Third World countries and owed to northern banks and governments from the 1970s onward (ex: in Mexico and Nigeria)
|
|
|
EU's standard currency
|
The Euro
|
|
|
Market-Leninism
|
A combination of socialist ideas with a market economy
|
|
|
Market Economy
|
A capitalist competitive economy driven by privately owned industry
|
|
|
Command Economy
|
An economy controlled entirely by the state (means of production, the marketplace, etc.)
|
|
|
Mixed Economy
|
A combination of command and market economies
|
|
|
Iran's main economic problem
|
Iran is a "single export" (rentier) state, so their economy is dependent on the fluctuating price of oil
|
|
|
Import substitution
|
An economic development strategy in which governments put tariffs and other barriers on certain imports to stimulate domestic industry
|
|
|
World Bank
|
Major international lending agency for development projects
|
|
|
International Monetary Fund (IMF)
|
Makes temporary loans to low-income countries to help with poverty reduction
|
|
|
Common Agricultural Policy of the EU (CAP)
|
A system of agricultural programs that regulates labeling, ingredients, prices, subsidies
|
|
|
What is NAFTA and which country has benefited from it the most?
|
The North American Free Trade Agreement between the US, Canada, and Mexico. Mexico has benefitted from it the most, (specifically the northernmost part)
|
|
|
Which Mexican president nationalized oil
|
Cardenas in 1938; nationalized industry known as PEMEX
|
|
|
Newly Industrializing Country (NIC)
|
Countries whose economies have not yet reached first world status but have outpaced their developing counterparts. Another characterization of NICs is that of nations undergoing rapid economic growth
|
|
|
European Monetary Union (EMU)
|
The "big bank" of the EU
|
|
|
Shock therapy
|
Refers to the sudden release of price and currency controls, etc; used in former communist countries to make as rapid a shift to a market economy as possible
|
|
|
Structural Adjustment
|
An economic development strategy that stresses integration into global markets (i.e., reducing trade barriers), privatization, etc. Usually used as a condition for third world countries to get loans from northern banks.
|
