Chapter 12

Question 0

What is trade liberalization?

Answer 0

The process of reducing barriers to trade

Question 1

What is the European Union(EU)?

Answer 1

An organization of 25 countries, the largest most powerful common market with a population close to 457,000,000

Question 2

What is nationalize?

Answer 2

Taking over of ownership by a government from a private business

Question 3

What is a Crown corporation?

Answer 3

[Canada] government owned companies

eg: Petro Canada, Air Canada, CN railway

Question 4

What is deregulation?

Answer 4

Opening an industry two more competition by removing government regulations

Question 5

What is privatization?

Answer 5

The sale of government owned industries and services to private businesses

eg: PetroCanada gas stations, CN railway, retail liquor industries in Alberta

Question 6

What is outsourcing?

Answer 6

When a company hires another company to for fill certain tasks in production

Question 7

What is a comparative advantage?

Answer 7

A country’s ability to produce and product or service a country’s ability

Question 8

What is the organization for economic co-operation and development (OECD)?

Answer 8

Democracies with market economies work with each other to promote economic growth, prosperity and sustainability development