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Angielski > Economic policy > Flashcards

Economic policy Flashcards

1
Q

Advanced Vocabulary/Concept

A

Definition/Example

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2
Q

Fiscal Policy

A

Government decisions regarding taxation and spending to influence the economy.

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3
Q

Monetary Policy

A

Central bank actions, such as interest rate adjustments, to control money supply and influence economic conditions.

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4
Q

Austerity

A

Government policies aimed at reducing public sector debt by cutting spending and increasing taxes.

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5
Q

Quantitative Easing (QE)

A

A monetary policy tool used by central banks to stimulate the economy by purchasing government securities.

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6
Q

Supply-Side Economics

A

A theory that emphasizes policies to increase production, such as tax cuts and deregulation, as a means to promote economic growth.

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7
Q

Demand-Side Economics

A

A theory that focuses on increasing demand for goods and services as the primary driver of economic growth, often through government spending.

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8
Q

Public Goods

A

Goods that are non-excludable and non-rivalrous, meaning they can be consumed by many without diminishing availability.

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9
Q

Externalities

A

Costs or benefits of an economic activity that affect third parties (e.g., pollution as a negative externality).

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10
Q

Crowding Out

A

The idea that increased government spending may reduce private sector investment due to higher interest rates or competition for resources.

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11
Q

Keynesian Economics

A

An economic theory that advocates for active government intervention, especially fiscal policy, to manage economic cycles.

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12
Q

Neoliberalism

A

A policy model that emphasizes free-market capitalism, deregulation, and reduction in government spending.

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13
Q

Inflation Targeting

A

A central banking policy that aims to maintain a specific inflation rate as the primary goal of monetary policy.

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14
Q

Deflation

A

A decrease in the general price level of goods and services, signaling economic stagnation or contraction.

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15
Q

Stagflation

A

A combination of stagnant economic growth and high inflation, usually coupled with high unemployment.

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16
Q

Automatic Stabilizers

A

Economic policies and programs (e.g., unemployment benefits) that automatically adjust with economic conditions.

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17
Q

Structural Adjustment Programs (SAPs)

A

Economic policies imposed by international financial institutions to promote fiscal discipline in exchange for loans.

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18
Q

Protectionism

A

The economic policy of restricting imports, typically through tariffs or quotas, to protect domestic industries.

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19
Q

Laffer Curve

A

A concept illustrating the relationship between tax rates and tax revenue, suggesting an optimal tax rate for maximum revenue.

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20
Q

Multiplier Effect

A

The proportional increase or decrease in final income that results from an injection or withdrawal of spending.

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21
Q

Phillips Curve

A

A concept showing the inverse relationship between inflation and unemployment.

22
Q

Moral Hazard

A

When one party engages in risky behavior, knowing another party will bear the cost.

23
Q

Trade-Off

A

Sacrificing one goal to achieve another, often seen in policy decisions like between inflation control and unemployment.

24
Q

Privatization

A

The transfer of ownership of businesses or services from the public sector to the private sector.

25
Q

Bailout

A

Financial assistance provided to a company or country facing potential collapse.

26
Q

Economic Stimulus

A

Government policy aimed at boosting economic activity, often through public spending or tax cuts.

27
Q

Hyperinflation

A

Extremely high and typically accelerating inflation that rapidly erodes the real value of a currency.

28
Q

Recession

A

A significant decline in economic activity across the economy, lasting for an extended period.

29
Q

Depression

A

A prolonged and severe recession.

30
Q

Supply Shock

A

An unexpected event that suddenly changes the supply of a product or commodity, affecting prices.

31
Q

Trade Deficit

A

Occurs when a country’s imports exceed its exports.

32
Q

Current Account

A

A record of a country’s transactions with the rest of the world, including trade balance and income from abroad.

33
Q

Capital Flight

A

The large-scale exodus of financial assets and capital from a country due to economic or political instability.

34
Q

Sovereign Debt

A

Debt incurred by the government of a country.

35
Q

Tariffs

A

Taxes imposed on imported goods to protect domestic industries or generate revenue.

36
Q

Subsidies

A

Government financial support to industries or businesses to promote economic and social policy.

37
Q

Balance of Payments

A

A record of all financial transactions between a country and the rest of the world over a specific period.

38
Q

Exchange Rate

A

The value of one currency for the purpose of conversion to another.

39
Q

Floating Exchange Rate

A

A system where the value of a currency is allowed to fluctuate according to the foreign exchange market.

40
Q

Fixed Exchange Rate

A

A system where the value of a currency is pegged to another currency or a basket of currencies.

41
Q

Foreign Direct Investment (FDI)

A

Investment made by a firm or individual in one country into business interests located in another country.

42
Q

Capital Controls

A

Measures taken by a government to regulate the flow of foreign capital into and out of the domestic economy.

43
Q

Fiscal Deficit

A

Occurs when a government’s total expenditures exceed the revenue it generates, excluding money from borrowings.

44
Q

Trade Liberalization

A

The removal or reduction of trade barriers, such as tariffs, to encourage international trade.

45
Q

Inflationary Spiral

A

A situation where inflation drives wage increases, which in turn causes more inflation.

46
Q

Debt Ceiling

A

The maximum amount of debt that a government is allowed to incur.

47
Q

Gini Coefficient

A

A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (maximum inequality).

48
Q

Paradox of Thrift

A

A situation where individuals attempt to save more during an economic recession, leading to a fall in aggregate demand and worsening the recession.

49
Q

Progressive Taxation

A

A tax system where the tax rate increases as the taxable amount increases.

50
Q

Regressive Taxation

A

A tax system where the tax rate decreases as the taxable amount increases.

51
Q

Fiscal Cliff

A

A situation in which a series of fiscal measures, such as tax increases or spending cuts, are set to take effect simultaneously, potentially harming the economy.

Angielski (3 decks)

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