Globalization Flashcards
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What defines what is right or wrong in society?
Ethics
What is business ethics?
The moral standards and guidelines that dictate how a business should operate.
Name one common ethical issue in CARICOM related to labor practices.
The use of child labour.
What is a code of ethics?
A document outlining the guidelines for behavior of management and employees.
Why is truthful advertising important in business ethics?
To ensure honesty and avoid misleading customers.
What does corporate social responsibility (CSR) refer to?
A commitment to operate in ways that enhance society and the environment.
What is trade liberalization?
The removal of barriers to trade that allows for free trade between countries.
What are tariff barriers?
Taxes imposed by the government on the import of goods to reduce the amount of imports.
Name a type of non-tariff barrier.
Quotas, embargoes, exchange control systems, voluntary agreements, or public procurement policies.
What is the purpose of quotas in trade?
To restrict the amount of goods allowed into the country for a specific period.
How do non-tariff barriers help local industries?
They protect local industries from foreign competition and help prevent dumping.
What is “dumping” in the context of trade?
Selling goods at a price lower than the marginal cost of production.
List one benefit of trade liberalization for Caribbean economies.
Increased market access or lower prices for consumers or enhanced competition.
What is a drawback of trade liberalization for local industries?
The risk of local industry collapse due to increased competition from imports.
Why might trade liberalization lead to job losses?
Industries that cannot compete may downsize or close, resulting in unemployment.
How can trade liberalization impact cultural identity?
It can lead to cultural homogenization, undermining local traditions and identity
What are some examples of non-tariff barriers?
Embargoes, exchange control systems, voluntary agreements, and public procurement policies
How does trade liberalization promote technology transfer?
By allowing engagement with international markets, facilitating the exchange of technology and knowledge.
What can be a consequence of trade imbalances due to trade liberalization?
Economic instability if imports exceed exports.
Why is it important to protect consumers in the context of trade?
To prevent exploitation and ensure fair pricing.
What is a potential effect of trade liberalization on resource management?
Increased risk of exploitation of local resources without adequate benefits for the local economy.
