All Flashcards
How do authoritarian and democratic systems differ in economic policy?
Authoritarian: State-controlled economies. Democratic: Market-based economies.
Compare the pros and cons of Globalization.
Pros: Increased trade, growth. Cons: Job displacement, inequality.
What economic policies does the PDP in Nigeria lean towards?
A mix of neoliberalism and public enterprises.
What economic policies does the APC in Nigeria favor?
Less government intervention, privatization, and free trade.
What is Globalization?
Increasing interconnectedness of nations through economic, social, and political ties.
What are International Organizations?
Entities like the UN, IMF, and WTO that facilitate cooperation and mediate conflicts.
What are Multinational Corporations (MNCs)?
Companies operating in multiple countries with a decentralized structure.
What is a Market?
A space where buyers and sellers interact, forming the backbone of the global economy.
What are Supranational Organizations?
International bodies with power exceeding individual nation-states, promoting coordination.
What is Free Trade?
Policies encouraging trade between countries to boost global economic activity.
Define Economic Growth.
An increase in the amount of goods and services produced per head of the population over a period of time.
Define Economic Inequality.
The unequal distribution of income and opportunity between different groups in society.
What is GDP?
Gross Domestic Product; the total value of goods produced and services provided in a country during one year.
What is Inflation?
A general increase in prices and fall in the purchasing value of money.