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APCG chapter 4
vocabulary in my own words
| Term | Definition |
|---|---|
| political economy | analysis of power distribution and economics influencing freedom and equality |
| markets | integrations of stock and needs creating values and businesses |
| property | owning production of good or services through markets |
| public goods | not owned by people, society shares goods/services from state |
| social expenditures | distribution of public goods/services from state |
| gross Domestic Product(GDP) | value of goods/services within state per year |
| central bank | institutions regarding economic flow(saving or spending) and cost of loaning money |
| inflation | service/good prices high because high demand but supply low |
| hyperinflation | inflation over 50% for over 2 months |
| deflation | high supply but low values |
| regulations | rules important for price of some goods/services or how businesses operate |
| monopoly | market managed by one owner of property |
| tariffs | taxes on imported goods |
| quotas | limits on supply of goods imported to state |
| non-tariff regulatory barriers | health/packaging rules reducing supply of imported goods to protect people |
| comparative advantage | specialty of state to create good/service perfectly compared to other states |
| political-economic system | connection of political and economic institutions of state and market being more free or equal |
| laissez-faire | liberal idea of no state intervene market forces and state except giving education and defense letting public keep all wealth |
| capitalism | free markers and private owned production |
| neocorporatism | state, labor, and business create rules found in social democracy |
| mercantilism | focus on needs of state and national economic power instead of the political side(equality/freedom) |
| pastorals | partly or entirely state ownership of production rules for mercantilism economic power |
| Purchasing Power Parity(PPP) | average purchasing power of currency in each state |
| Gini index | statistical way of finding money corruption of state |
| Human Development Index(HDI) | income/Gini index, Education, and life Expectancy values |
| economic liberalization | reducing taxes, economic rules, privatizing property without stte intervention. |
Created by:
Kamil C.
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