Economic Globalization - Unit 3 (Chapters 9-12) Flashcards
Define Economic Globalization
The spread of trade, transportation, and communication systems around the world in the interests of promoting worldwide commerce.
Define Reparations
The act of making amends for wrongdoing. Reparations may include payments made by a defeated enemy to countries whose territory was damaged during a war.
Define Communism
An economic and political system whose purpose is to eliminate class distinctions. Everyone would work for the benefit of all and would receive help as he or she needs it.
Define Economic Depression
A period of low economic activity accompanied by high levels of unemployment.
Define Market Economy
An economy in which government regulations are reduced to a minimum and businesses are free to make their own decisions.
Define Outsourcing
A business strategy that involves reducing costs by using suppliers of products and services in countries where labour is cheaper and government regulation may be less strict.
Define Containerization
The transporting of goods in standard-sized shipping containers.
Define Trade Liberalization
A process that involves countries in reducing or removing trade barriers, such as tariffs and quotas, so goods and services can move around the world more freely.
Define Free Trade
The trade that occurs when two or more countries eliminate tariffs and taxes on the goods and services they trade with one another.
Define Sanctions
A penalty. Often an economic penalty, such as a trade boycott, taken to pressure a government to agree to carry out certain actions or follow certain rules.
Define Ecological Footprint
The area of the earth’s surface necessary to sustain the level of resources a person uses and the waste she or he creates.
Define Sustain
To provide the basic necessities needed to support life
Define Sustainability
The degree to which earth is able to provide the resources necessary to meet people’s needs.
Define Stewardship
Accepting responsibility for ensuring that the earth’s resources remain sustainable.
Define Flag of Convenience
A flag flown by ships when they are registered in a country that is not the country of their owner.
