GVPT 280 Chapter Notes - Chapter Week 13: Gross Domestic Product, Private Good, Liberal Democracy
28 Nov 2018
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In the u. s. , healthcare is a private good, but it is a public good in canada; in cuba, most businesses are also public goods, being state-owned. Social expenditures: who benefits: social expenditures are the state"s provision of public benefits, such as education, healthcare, and transport this is also known as welfare or a welfare state. In extreme cases, hyperinflation (inflation higher than 50% per month for more than two consecutive months) may occur, as it has in zimbabwe, where inflation reached. 231,000,000% in 2008: on the other hand, countries may face deflation when supply outstrips demand. If prices drop too low, businesses cannot make profits, leading to unemployment, less spending, and more deflation. Economic systems: a political-economic system is defined as the actual relationship between the political and economic institutions of a given country. Liberalism emphasizes individual freedom over collective equality: examples of liberal democracies include the united states and canada; examples of liberal nondemocracies include bahrain and singapore.
