Political Economy and Tariff Policies

Flashcards covering key concepts related to political economy and tariff policies as discussed in the lecture.

Tariffs

Taxes imposed on imported goods to increase their price and reduce competition for domestic products.

Stagflation

An economic condition characterized by slow economic growth, high unemployment, and high inflation.

Coercion

The practice of persuading someone to do something by using force or threats, often seen in political contexts.

Monopoly

A market structure where a single seller dominates, leading to higher prices and reduced quality due to lack of competition.

Economic Liberalism

An economic ideology advocating for free markets and limited government intervention in the economy.

Microeconomics

The study of economics at the level of individual firms or industries.

Macroeconomics

The study of the economy as a whole, focusing on aggregate measures such as GDP, unemployment, and inflation.

Balance of Payments

A financial statement that summarizes all economic transactions between residents of a country and the rest of the world over a specific period.

Multinational Corporations (MNCs)

Large companies that operate in multiple countries, significantly influencing international trade and economic policies.

Reciprocal Tariffs

Tariffs imposed by one country that are matched by tariffs imposed by another country, often as part of a trade negotiation.