Key Terms - Superpowers 1

Question 1

Capital

Answer 1

assets, goods or finance that can be used for economic activity

Question 2

Capitalism

Answer 2

an economic and political system in which trade and industry are controlled by private owners for profit, rather than by the state.

Question 3

Capitalist society

Answer 3

a culture based on an economic system of enterprise and private ownership of all parts of the system with minimal interference from governments so that economic conditions are competitive

Question 4

Deregulated financial market

Answer 4

the removal or reduction of rules governing financial transactions

Question 5

Deregulation

Answer 5

the reduction or elimination of government control or support over a part of the economy (business and industry), especially removing barriers to competition.

Question 6

Deregulation of capital market

Answer 6

the removal or reduction of rules governing investments in business and other assets.

Question 7

Development

Answer 7

the process by which a country evolves over time for the better in terms of economic, social and political and sustainable change.

Question 8

Economic centre of gravity

Answer 8

the main location of the majority of economic activity, usually on a world wide scale, and at this scale the centre has shifted towards East Asia.

Question 9

Economic restructuring

Answer 9

the gradual change from a manufacturing to a service sector economy following deindustrialisation.

Question 10

Economic sanctions

Answer 10

commercial and financial support for a country is withdrawn or blocked by a country or group of countries because of infringement of international laws or agreements; this may include trade barriers, tariffs, and restrictions on financial transactions. Individuals may also be targeted

Question 11

Failed state

Answer 11

a country in which government has lost control of one or more national functions, such as law and order, economy; or demographic recognition

Question 12

Foreign policy

Answer 12

a government strategy for dealing with the government leaders of another country.

Question 13

Free trade

Answer 13

trade that is not controlled by taxes, tariffs or regulations.

Question 14

Globalisation

Answer 14

the growing interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services, freer international capital flows, and more rapid wide-spread diffusion of technology.

Question 15

Human capital

Answer 15

the manual and intellectual skills, knowledge, understanding and experience of people creates a resource that can be reused.

Question 16

indirect control

Answer 16

a subtle way of exercising power such as through trade or cultural influences

Question 17

inequalities

Answer 17

economic and social differences between people that have and those that lack, creating situations regarded as unfair.

Question 18

Interdependence

Answer 18

the strong links between two or more countries which create a situation where they become dependent on each other.

Question 19

International agreement

Answer 19

a written or oral form of a treaty but dealing with a narrower range of matters than a full treaty, particularly used for technical or administration matters.

Question 20

International law

Answer 20

the legal rules that have been established by treaty and recognised by countries as binding in their international behaviour and relations.

Question 21

Labour

Answer 21

the workforce in any economic sector.

Question 22

low-tax regime

Answer 22

a state that sets lower rates of taxation than the norm, often to attract investment

Question 23

nation state

Answer 23

a sovereign state that derives its legitimacy from representing a particular people; a people with cultural identity, often derived from a common history or dominant historical narrative

Question 24

national identity

Answer 24

the identity that results from a common background based on historical and modern culture, symbolisms and feelings of belonging.

Question 25

Nationalism

Answer 25

Identifying with and developing a sense of belong to nation through ties to cultural symbols such as, flag, sport, food, drinks and clothing.

Question 26

Patent

Answer 26

the exclusive right given to an inventor or company to use or sell an invention for a period of time, this is important.

Question 27

Privatisation

Answer 27

the transfer of business or industrial ownership from government to private enterprises.