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10/7/24, 4:10 AMD270 Final Quizlet Garcia
Jeremiah
Terms in this set (90)
What are the three types of economic command, market, mixed
systems?
What are the three BRIC countries Brazil, Russia, India and China
What economic system did the Market but now shifting toward mixed due to tarrifs
Republicans used to abide by?
Gov and private ownership mixed in allocating economic resources, optimizes
Define Mixed Economy efficiency, happens in mostly free countries, 2nd most productive type behind
market and preempts self interest
Economic Freedom index Has twelve key areas and higher the score the better
Relationship between Economic Freedom The greater the Economic Freedom, the higher per capita income
and Income
What has happened in the past two years The world's EF has gone up, while the US's EF has gone down
with Economic Freedom?
Out of the six counties we studied, which Australia and India
one had the highest economic freedom
and the lowest economic freedom?
What are other positives to High economic Low inflation and low unemployment
freedom
Chapter 4 case 2: What will the developed major generational shifts, AI is becoming more important , 4th industrial revolution
countries in the West do with the changing makes major shifts in generations
business world?
What did Garcia say was the best type of A benevolent dictatorship then goes to a democracy since it works in the short term
government for an economic system? and can make changes very quickly
Government control, corruption, volatility and efficient channels (economic
Challenges in emerging economies
conditions)
Reasons for Economic Indexs Complexity, dynamism, interdependence and overload
What is GNI? Market value of final goods/services and domestic owned factors of production
1/5
, 10/7/24, 4:10 AM
What is desirable for potential when High pop and high per capita
looking at GNI and GDP?
What is GDP? Focuses on things produced within the countries borders
What type of countries produce more GDP Small countries bring in more than they send out and countries with a lot of banks
than GNI? results in this
the rate of conversion of one country's currency to purchase the same goods in
What is purchasing power parity?
another country
Which countries tend to have higher PPP? Inexpensive countries
What do G7 countries have in common? Very high human development index, advanced economies and top 15 for per capita
Large pop and large economies see them as threat since they have massive
What is BME?
infrastructure, tech leaders and growth spillover
It was a agricultural tariff that resulted in more tariffs and international trade went
What was Smoot-Hartley's impact?
down
US catfish guys complained that Vietnamese catfish took away their profits and
accused them of price dumping. Tried to get the catfish out of US market but US gov
US and Vietnam case
was afraid to do anything drastic that would damage international relations or
Vietnam would counter with tariff on US beef
Large economies in 2050 will be in Asia, G-7 and G-20, power from wealthier
Chapter 4 Case 1: What was the point? countries to emerging countries and wealthy countries want to restore their former
powers, reducing state authority to raise economies hurts developing economies
1) Type of economic Environment
Four big interpretations to determine a 2) Degree of Economic Freedom
countries economic environment 3) Drivers of Economic Performance
4)Orientation of Economic Success
Stable institutions, high EF, advanced tech, lots of infrastructure, 16% of world's pop
Define Developed Economies lives here, trend is to send manufacturing to a lower cost , high productive factory in
a developing country
Uneven Economic environment, resist foreign ownership, low EF, sketchy tech,
Define Developing Economies
corruption high, hard to live daily lives and 84% of pop lives here
What is the base of the pyramid? spotlights the 4 billion people at the bottom, who barely make it by
lots of range due to development @ different rates, lots of growth in productivity,
What defines an economy in transition?
per capita is raised, market liberalization promotes foreign investment ad exports
What is the relationship between Freedom needs protection from gov regulations but too much hurts efficiency and
governments and restricts entrepreneurial
economic freedom?
Which countries are the most unfree in the The BRIC countries
world?
What do developed countries do to help They increase trade, lower corruption, raise stability, promote economic choice,
with Economic Freedom? regulate investment and financial freedoms
Is economic freedom necessary for It would seem so but some authoritarian governments have had significant
growth? economic growth
State capitalism is a combination of freer markets and some government control,
What is state capitalism?
which creates growth and prosperity for the state
Individuals make most decisions, rooted in capitalism, "invisible hand", found in
Define market economy
developed countries and legitimizes profits
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