Economic Development

These flashcards cover key concepts, terms, and definitions from the Economic Development lecture notes.

Causation

The relationship between cause and effect in a given scenario.

Empirical arguments

Arguments that link cause and effect, uncovering answers to why the political world works as it does.

Normative arguments

Arguments about the way the world should be, based on value judgments.

Gini coefficient

A measure of income inequality on a scale from 0 to 1, where higher values indicate greater inequality.

Market-based economy

An economic system where decisions on production and consumption are driven by the supply and demand for goods and services.

Fiscal policy

Government spending policies that influence macroeconomic conditions.

Monetary policy

The process by which the monetary authority of a country controls the supply of money, aiming to achieve specific goals.

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Homicides

Intentional killings of individuals, often used as a measure of violent crime rates.

Victimization

The process of being harmed, especially in the context of crime and violence.