Political Economy Terms and Definitions, Quizzes of Political Science

Download Political Economy Terms and Definitions and more Quizzes Political Science in PDF only on Docsity! TERM 1 political economy DEFINITION 1 the study of the interaction between states and markets TERM 2 markets DEFINITION 2 the interaction between the forces of supply and demand that allocates resources TERM 3 property DEFINITION 3 goods or services that are owned by an individual or group, privately or publicly TERM 4 public goods DEFINITION 4 goods, provided or secured by the sate, avaliable to society and which no private person or organization can own TERM 5 social expenditures DEFINITION 5 state provision of public benefits, such as education, health care, and transportation TERM 6 central bank DEFINITION 6 the state institution that controls how much money is flowing through the economy, as well as how much it costs to borrow money in that economy TERM 7 deflation DEFINITION 7 a period of falling prices and values for goods, services, investments, and wages TERM 8 hyperinflation DEFINITION 8 inflationof more than 50% a month for more than two months in a row TERM 9 regulations DEFINITION 9 a rule or order that sets the boundaries of a given procedure TERM 10 monopoly DEFINITION 10 a single producer that is able to dominate the market for a good or service without effective competition TERM 21 gross domestic product DEFINITION 21 total market value of all goods and services produced by a country over a period of one year TERM 22 purchasing power parity DEFINITION 22 statistical tool that attempts to estimate the buying power of income across different countries by using prices in the US as a benchmark TERM 23 gini index DEFINITION 23 measures the amount to inequality in a society TERM 24 human development index DEFINITION 24 evaluate the overall wealth, health, and knowledge of a country's people TERM 25 newly industrializing countries DEFINITION 25 historically less-developed country that has experienced significant economic growth and democratization TERM 26 less developed countries DEFINITION 26 a country that lacks significant economic development or political institutionalization or both TERM 27 empires DEFINITION 27 single political authority that has under its sovereignty a large number of external regions or territories and different peoples TERM 28 imperialism DEFINITION 28 system in which a state extends its power to directly control territory, resources, and people beyond its borders TERM 29 colonialism DEFINITION 29 imperialist system of physically occupying a foreign territory using military force, business, or settlers TERM 30 neocolonialism DEFINITION 30 an indirect form of imperialism in which powerful countries overly influence the economies of less developed countries TERM 31 import substitution DEFINITION 31 mercantilist strategy for economic growth in which a country restricts imports in order to spur demand for locally produced goods TERM 32 export oriented industrialization DEFINITION 32 mercantilist strategy for economic growth in which a country seeks out technologies and develops industries focused especially on the export market TERM 33 structural adjustment DEFINITION 33 policy of economic liberalization adopted in exchange for financial support from liberal international organizations; typically includes privatizing sate run firms, ending subsidies, reducing tariff barriers, shrinking the size of the state, and welcoming foreign investment TERM 34 informal economy DEFINITION 34 a segment of the economy that is not regulated or taxed by the state TERM 35 microcredit DEFINITION 35 a system in which small loans are channeled to the poor through borrowing groups whose member jointly take responsibility for repayment