Venezuela Economic Crisis and Hyperinflation

This set of vocabulary flashcards covers key economic terms, organizations, and historical figures related to the Venezuela crisis and hyperinflation as discussed in the lecture.

Hyperinflation

An economic state where the prices of products, especially essentials like food and medicine, rise at an unpredictable and rapid rate, making them impossible for common citizens to keep up with.

Black Market

An unregulated marketplace where Venezuelans often turn to purchase medicine and essential goods that are unavailable through official pharmacies or hospitals due to the failing economy.

OPEC

The Organization of Petroleum Exporting Countries; an organization of petro states that functions like a union to set oil prices and global distribution rates.

Petro States

Countries that the world relies on most heavily for oil production, such as Saudi Arabia, Libya, Algeria, Nigeria, and Venezuela.

Bolivarian Revolution

A political process in Venezuela originally led by Hugo Chavez and continued by Nicolas Maduro, which seeks to implement nationalism, Bolivarianism, and a state-led economy.

Simon Bolivar

Known as the liberator, he was the revolutionary icon who achieved the independence of most of northern South America from Spanish rule.

PSUV

The United Socialist Party of Venezuela, the political party led by Hugo Chavez and later by his successor, Nicolas Maduro.

Gross National Product (GNP)

The total value of all goods and services made by a country's residents and businesses, regardless of where the production takes place.

Gross Domestic Product (GDP)

The measure of total production occurring inside a country's borders, regardless of which company or nationality produces it.

GDP Contraction in Venezuela

The shrinking of Venezuela's gross domestic product from approximately $196,000,000,000$ in 2013 to $80,000,000,000$ in 2018.

Negative Growth

A decline in a company's sales or an economy's GDP during any quarter of the year, signaling a possible recession or depression.

IMF Inflation Estimate (2018)

The International Monetary Fund's calculation that Venezuela's inflation would exceed $1,000,000\%$ by the end of 2018.