Economic Dimensions Flashcards
What is World Trade/International trade?
The import and export of goods and service across international nation’s borders
What is Globalisation (Economic Dimensions)
The process by which businesses or other organisations groups develop international influence or start operating on an international scale
Meaning of Inelasticity
When individuals buy about the same amount whether the price drops or rises
Meaning of Imports
Brings goods or service into a country from outside the national boarder
Meaning of Exports
Sends goods or service to another country for sale
Meaning of Gross Domestic Products (GPD)?
Total dollar value of all goods and service produced over a curtain period of time.
Factors that cause economies to grow
Increased production, technology advancements, consumer spending, increase in workforce, government spending, exports and imports
Meaning of Civil Society?
Individuals citizens and groups of people who are not connected by the government or business who work to improve the lives of other or solve local or global problems.
Ares of Interest of Civil Society groups
Focus mainly of the areas of society and enviroment, aiming for: Improve human rights, protection of the envrionment, supporting the development of people and society, improving life expectations and for furture generations
What does economic growth mean for society?
Higher standards of living- Higher incomes, afford better healthcare, housing, education and other wants and needs
Increase employment opportunities- Businesses expanding which create more jobs for unemployed individuals
Decrease in poverty- More job opportunities and increasing the incomes towards individuals/groups of people
What are the problems with economic growth?
Increasing inequality- Increase the income inequality if the benefits aren’t applied equally
Increase of pollution and harm towards the environment- Increase resource consumption which leads towards potential of harming the environment
Increase of Consumption- Leads to dissatisfaction of consumers and a focus of material possession instead of their well-being
