Economic Growth and Development Flashcard

Front

What does fiscal policy use to influence the economy?

Back

Government spending and taxation

Front

What is a potential consequence of high national debt?

Back

Higher taxes or inflation

Front

What is the definition of a classless society?

Back

A society without hierarchical class distinctions

Front

What does decentralization involve?

Back

Transferring decision-making authority to local levels

Front

What is the focus of an ethical economy?

Back

Prioritizing ethical considerations and human dignity

Front

What does Ownership Equity refer to?

Back

Fair distribution of ownership rights and benefits among all stakeholders.

Front

What is the focus of a Participatory Economy?

Back

Equitable resource distribution and democratic decision-making.

Front

What are Productive Assets?

Back

Resources used to create economic value, such as land, labor, and capital.

Front

What is the role of financial institutions in the economy?

Back

They facilitate savings, investments, and the creation of money.

Front

How do governments use monetary and fiscal policy?

Back

To stabilize economies, promote growth, and manage inflation and unemployment