The study of how politics and economics are related and how their relationship shapes the balance between freedom and equality.
What is Political Economy?
100
An institution that controls how much money is flowing through the economy as well as how much it costs to borrow money in that economy.
What is a central bank?
100
A tax on imported goods.
What is Tariffs?
100
The total market value to goods and services produced by one country in a year.
What is gross domestic product (GDP)?
100
The principle that the economy should be "allowed to do" what it wishes.
What is Laissez-Faire?
200
The interactions between the forces of supply and demand, and they allocate resources through the process of those interactions.
What is Markets?
200
An increase in the overall prices in the economy when demand outstrips supply.
What is Inflation?
200
Policies and regulations used to limited imports through methods other than taxation.
What is non-tariff (regulatory) barriers?
200
A statistical tool that attempts to estimate the buying power of income across different countries by using prices in the United States as a benchmark.
What is Purchasing Power Parity (PPP)?
200
A political-economc system where national economic power is paramount and the domestic economy is viewes as an instrument that exists primarily to serve the needs of the state.
What is Mercantilism?
300
The owernership of the goods and services exchanged through markets.
What is Property?
300
Inflation that is higher than 50% a month for more than tow months in a row.
What is hyperinflation?
300
A non tariff barrier that limits the quantity of a good that may be imported into a country.
What is Quota?
300
A mathematical formula that measures the amount of economic inequality in a society.
What is the Gini index?
300
A political-economic system where all wealth and property are shared to as to eliminate exploitation, oppression, and ultimately the need for political institutions such as the state.
What is Communism?
400
Goods,provided or secured by the sate, available to society and which no private person or organization can own.
What is Public goods?
400
A period of falling prices and values for goods, services, investments, and wages.
What is Deflation?
400
The amount by which the cost of a country's imports exceeds the value of its exports.
What is Trade deficit?
400
The phenomenon where happiness stagnates when standards of living rise past a certain level.
What is the "Easterlin paradox"?
400
A system of production based on private property and free markets.
What is Capitalism?
500
State provision of public benefits, such as education, health care, and transportation.
What is Public expenditure?
500
Persistent high inflation combined with high unemployment and stagnant demand in a country's economy.
What is stagflation?
500
The ability of one country to produce a particular good or service more efficiently relative to other countries' efficiency in producing the same good o service.
What is Comparative Advantage?
500
A measure created by the United Nations Development Program that attempts to evaluate the overall wealth, health, and knowledge of a country's people.
What is the Human Development Index?
500
A political economic system where freedom and equality are balanced through the state's management of the economy and the provision of social expenditure.