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A statistical tool that attempts to estimate the buying power of income
across different countries by using prices in the United States as a
benchmark. - Answer: Purchasing power parity (PPP)
A political-economic system in which all wealth and property are shared
so as to eliminate exploitation, oppression, and, ultimately, the need
, for political institutions such as the state. A political ideology that
advocates such a system. - Answer: Communism
A political view that does not have a consistent ideological foundation,
but that emphasizes hostility toward elites and established state and
economic institutions and favors greater power in the hands of the
public. - Answer: populism
The transfer of state-owned property to private ownership. - Answer:
Privatization
The interaction between the forces of supply and demand that
allocates resources. - Answer: Market
A political ideology that advocates a system in which freedom and
equality are balanced through the state's management of the economy
and the provision of social expenditures. - Answer: Social Democracy/
Socialism
The basic norms for political activity in a society. - Answer: Political
Culture