RI 3 Flashcards
Economic globalization
The spread of trade, transportation, and communication systems around the world in the interest or promoting worldwide commerce
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
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
Economic depression
A period of low economic activity accompanied by high levels of unemployment
Market economy
An economy in which government regulations are reduced to a minimum and businesses are free to make their own decisions
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
Containerization
The transportation of goods in standard-sized shipping containers
Trade liberalization
A process that involves countries in reducing or removing of trade barriers, such as tariffs and quotas, so goods and services can move around the world more freely.
Free trade
The trade that occurs when two or more countries eliminate tariffs and taxes in the goods and services they trade with one another
Consensus
General agreement
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
Ecological footprint
The area of the earth’s surface necessary to sustain the level of resources a person uses and the waste he or she creates
Sustain
To provide the basic necessities needed to support life
Sustainability
The degree to which earth is able to provide the resources necessary to meet people’s needs
Stewardship
Accepting responsibility for ensuring that the earth’s resources remain sustainable
