Econ Chapter 17 Flashcards
legal or illegal export of a nation’s currency and foreign exchange
Capital Flight
forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
Collectivization
the act of not repaying borrowed money
Default
single unified market consisting of twenty-two nations
European Union
borrowed money that a country owes to foreign countries and banks
External Debt
average remaining life span in years for persons who attain a given age
Life Expectancy
first stage of economic development during which the economy is stagnant
Primitive Equilibrium
international agency that makes loans to developing countries; formally the International Bank for Reconstruction and Development
World Bank
group of sellers or producers acting together to raise prices by restricting availability of a product; OPEC
Cartel
group of countries that have agreed to reduce trade barrier and have uniform tariffs for nonmembers
Custom Union
country with relatively low average per capita income and less developed infrastructure, education, and health care system
Developing Country
government confiscation of private- or foreign- owned goods without compensation
Expropriation
group of countries that have agreed to reduce trade barriers among themselves, but lack a common tariff barrier for nonmembers
Free Trade Area
fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
Perestroika
conversion of state-owned factories and other property in private ownership
Privatization
