ESSE 1.3 Flashcards
World Happiness report
Land mark survey of the state global happiness that ranks 156 countries by how happy their citizens perceive themselves to be.
GNI
Total income of a country’s residents, including money earned abroad, minus payments to foreigners.
GNP
Total value of goods and services produced by a country’s residents, including abroad.
SDG
17 global objectives established by the United Nations to end poverty, protect the planet, and ensure peace, prosperity, and equality for all by 2030
Aggregation of commercial partners
Business are operated in coordination and reliance upon each other
Protectionism
Shielding a country´s domestic industries from foreign competition by taxing imports
Free trade
International trade left to its natural course without tariffs, quotas or other restrictions
Import quota
Government-imposed restriction that limits the quantity or value of a specific good that can be imported into a country during a given time period.
Voluntary Export Restraint (VER)
Trade policy tool where an exporting country agrees to limit the quantity or value of certain goods exported to a specific country for a designated period.
Domestic content Requirements
Regulations that require a specified fraction of the final good to be produced domestically
Red Tape
Bureaucratic and administrative barriers
Public procurement requirements
Obligation of government agencies to purchase from domestic suppliers, even when they charge higher prices
World trade organisation
Multilateral organization that considerd free trade as an engine for development, growth and increase in welfare . (free trade and reduction of trade barriers)
