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;
24 Cards in this Set
- Front
- Back
|
What is economics |
Social science that studies, describes, models, and makes projections about the production, distribution, and consumption of goods and services Focuses on scarce resources to satisfy wants and needs Study of how society manages its scarce resources |
|
|
liquidity |
abitliy to pay debt |
|
|
Scarcity |
having limited resources |
|
|
Opportunity Costs |
when demands not met, what you lost making a decision |
|
|
Great Economic Crisis 2008 |
collapse of real estate bubble Eurozone hit the hardest sovereign debt crisis- can't pay back debt |
|
|
Core concept Liberal Economics |
division of labor and use of resources self interest lassier fare, commitment to markets, minimal govt intervention highest possible utility |
|
|
Comparative advantage |
gains from trade by producing more of one unit they are better off making |
|
|
specialization |
Many countries specialize in producing the good and services that native to their part of the world and this is the basis for global trade. |
|
|
Core Concept Economic Nationalism |
increase wealth and power of the state protection of national labor, production and wealth accumulation |
|
|
mercantilism |
economy has well being of the nation is directly related to its control of global capital |
|
|
protectionism policies |
tariff- on imported goods subsidies -protect business quota-prevent cheap products |
|
|
Core Concept Marxism |
good and services rly on human labor mental and physical exploration of the working class upper class gained more and working class did all the work so solution is to overthrow capitalist class end divisions of wealth |
|
|
Social democracy |
embrace marxism with government control practiced by european countries A democratic welfare state that incorporates both capitalist and socialist ideas Marxism- Lenism- economy of SU |
|
|
microeconomics |
specific to individuals and markets |
|
|
Macroeconomics |
entire economy, employment and inflation and GDP |
|
|
Development economics |
studies growth stages in less developed counties goal is to create an environment where people enjoy a long healthy life |
|
|
Modernization Theory Rostow |
5 stages 1)traditional society 2) preconditions for takeoff 3) takeoff 4) drive to maturity 5) stage of high mass production(developed) Development isn't good for all, culture issues and some are happy being underdeveloped |
|
|
Dependency Theory Wallerstein Frank |
developed countries are dependent on developing countries sturcral inequaitle in place to prevent growth force to lower trade barriers Notion that resources flow from the poor states to rich states enriching the latter at the expense the former. |
|
|
Neocolonialsm |
independent political but not economically argue for govt intervention no real trade no longer colonies Geo-political practice of using capitalism, business globalization, and cultural imperialism to influence a country in lieu of direct military control(imperialism) or indirect political control (hegemony). |
|
|
Neoliberalism |
wants to ease rescticions btw countries free movement of G&S maximize efficacy and profit remove controls such as tariff and quota increase international trade WTO Liberal economic theory applied to a world economy |
|
|
Summit of the Americas 1990 |
set of meeting held every 2 yrs. to discuss economic issues involving Washington Consenus Americas and Caribbean |
|
|
Washington Consensus |
A set of neoliberal policies aimed at instituting free markets for the entire Western hemisphere |
|
|
Sustainability |
must be more considerate of resources today A political-economic system that meets the needs of present communities without reducing the ability of future generations to meet their needs |
|
|
Group 20 |
20 major emcees 19 countries gathers in summit to discuss the state of world economy |
