Enhance Your Learning with Economics - Welfare Economics Flash Cards for quick learning
A branch of economics that focuses on the optimal allocation of resources and the distribution of goods and services to maximize social welfare.
The well-being and satisfaction derived from the consumption of goods and services, taking into account both individual and societal preferences.
The transfer of income and wealth from the rich to the poor through taxation, social welfare programs, and other government policies.
Situation where the allocation of goods and services by a free market is not efficient, leading to a suboptimal outcome for society.
Goods or services that are non-excludable and non-rivalrous, meaning they are available to all and consumption by one individual does not reduce availability for others.
Costs or benefits that are not reflected in the market price of a good or service, resulting in an inefficient allocation of resources.
The unequal distribution of income among individuals or households in an economy, often measured by the Gini coefficient.
The study of poverty and the policies and programs aimed at improving the well-being of the poor and vulnerable members of society.
Actions taken by the government to influence or regulate economic activities, often aimed at correcting market failures and promoting social welfare.
The trade-off between economic efficiency, which maximizes total societal welfare, and equity, which focuses on fairness and the distribution of resources.
A systematic approach to evaluating the costs and benefits of a project or policy, often used to determine its economic feasibility and desirability.
Different economic theories and models that aim to analyze and improve social welfare, such as utilitarianism, Rawlsian justice, and Pareto efficiency.
Government policies and interventions designed to improve social welfare, such as income redistribution, social safety nets, and progressive taxation.
The study of how international trade affects the economic welfare of countries, including gains from trade, trade barriers, and trade agreements.
The state of a market where the quantity demanded by buyers equals the quantity supplied by sellers, resulting in an efficient allocation of resources.
A state of allocation where it is impossible to make any individual better off without making at least one individual worse off.
A mathematical function that aggregates individual preferences to determine the overall social welfare or utility of a society.
The loss of economic efficiency that occurs when the equilibrium quantity of a good or service is not produced or consumed due to market distortions.
A tax system where the tax rate increases as the taxable income or wealth of an individual or corporation increases, aiming to reduce income inequality.
An ethical theory that promotes actions that maximize overall happiness or utility for the greatest number of people.
A theory of justice that emphasizes fairness and equality, particularly in the distribution of resources and opportunities.
A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).
Government programs and policies that provide financial assistance and support to individuals and families facing economic hardship or vulnerability.
Obstacles or restrictions imposed by governments to limit or control the flow of goods and services across national borders, such as tariffs and quotas.
Bilateral or multilateral agreements between countries to reduce trade barriers and promote economic cooperation, such as free trade agreements.
The optimal allocation of resources to maximize the production of goods and services, resulting in the highest possible level of economic welfare.
The quality of being just, equitable, or impartial, often considered in the context of resource distribution and social welfare.
Factors or conditions that prevent a market from reaching equilibrium and result in an inefficient allocation of resources, such as monopolies or externalities.
The concept of fairness and equality in the distribution of resources and opportunities, often considered in the context of social welfare and public policy.
The unequal distribution of economic resources and opportunities among individuals or groups in a society.
The process by which a nation improves the economic, political, and social well-being of its people, often measured by indicators such as GDP per capita and HDI.
Efforts and policies aimed at reducing or eliminating poverty, often through income redistribution, social programs, and economic empowerment.
The unequal distribution of opportunities for education, employment, and social mobility, often influenced by factors such as race, gender, and socioeconomic status.
An increase in the production and consumption of goods and services in an economy over time, often measured by changes in real GDP.
The ability of individuals or families to move up or down the social and economic ladder within a society, often influenced by factors such as education and income.
The economic factors and mechanisms that determine the prices, quantities, and allocation of goods and services in a market economy, such as supply and demand.
Government actions and interventions aimed at influencing or regulating the economy, often to achieve specific economic objectives or address market failures.
The transfer of income from higher-income individuals or groups to lower-income individuals or groups through taxation and social welfare programs.
The fair and just allocation of resources, opportunities, and benefits among individuals or groups in a society.
The process by which the forces of supply and demand determine the prices, quantities, and allocation of goods and services in a market economy.
The well-being and quality of life of individuals or groups in a society, often influenced by factors such as income, education, healthcare, and social support.
Rewards or penalties that encourage or discourage certain economic behaviors, often used to influence the allocation of resources and promote economic efficiency.
A situation where the allocation of goods and services by a free market is not efficient, leading to a suboptimal outcome for society.
Government actions and decisions aimed at addressing public issues and promoting the well-being of society as a whole, often through laws, regulations, and programs.
Costs or benefits that are not reflected in the market price of a good or service, resulting in an inefficient allocation of resources and potential market failures.
Statistics and data that provide insights into the overall health and performance of an economy, such as GDP, inflation rate, unemployment rate, and trade balance.
The structure and organization of an economy, including the institutions, policies, and mechanisms that determine how resources are allocated and goods and services are produced and distributed.
A period of significant decline in economic activity, often characterized by a contraction in GDP, high unemployment, and reduced consumer spending.
A sustained increase in the general price level of goods and services in an economy over time, resulting in a decrease in the purchasing power of money.
A sustained decrease in the general price level of goods and services in an economy over time, resulting in an increase in the purchasing power of money.
A prolonged period of slow or no economic growth, often characterized by high unemployment, low productivity, and limited investment and innovation.
A period of rapid economic growth and expansion, often characterized by high levels of investment, consumer spending, and business activity.
A period of economic decline or contraction, often characterized by a decrease in GDP, rising unemployment, and reduced business activity.
A period of economic growth and improvement following a recession or downturn, often characterized by increasing GDP, declining unemployment, and rising consumer confidence.
The process of predicting or estimating future economic trends and developments, often based on historical data, statistical models, and expert analysis.
The process of setting goals, formulating strategies, and implementing policies to guide and manage the economic development and performance of a nation or organization.