Social

Question 1

remove tax from foreign goods and services

Answer 1

liberalization

Question 2

tax on imported products

Answer 2

tariff

Question 3

government assets are sold to private companies

Answer 3

privatization

Question 4

transfer some processes to another country

Answer 4

outsourcing

Question 5

monetary assistance granted by govt to enterprises

Answer 5

subsidy

Question 6

nations with highly developed economy

Answer 6

developed countries

Question 7

nations with underdeveloped industrial base

Answer 7

developing countries

Question 8

goods and services we SELL to other nations

Answer 8

export

Question 9

goods and services we BUY from other nations

Answer 9

import

Question 10

Limits on the quantity of imports

Answer 10

quota

Question 11

increasing amount of consumption

Answer 11

consumerism

Question 12

different culture around the world integrate and mix with each other

Answer 12

global culture

Question 13

exchange of different products from different countries, global competition

Answer 13

intense commercial exchange

Question 14

trade between two parties with no restrictions or tariffs (taxes)

Answer 14

free trade

Question 15

movement of goods, services, and people through free trade

Answer 15

economic globalization

Question 16

world is getting more connected, enabling people to travel and communicate faster

Answer 16

technological globlization

Question 17

countries and nations are becoming more independent; partnerships are highlighted

Answer 17

political globalization

Question 18

advancements in weapons, war against terror, civil war, and territorial disputes

Answer 18

military globalization

Question 19

way of life (e.g. reality shows)

Answer 19

cultural globalization

Question 20

Healthy type, First time worker VS old worker, When workers leave old job but haven’t found new job

Answer 20

frictional unemployment

Question 21

Phased-out skills; di ka na kailangan, Usually because of technological advancements, Worker’s skills do not match the job available

Answer 21

Structural

Question 22

Unemployed because humina yung economy
Usually fires part-timers or contractual workers first

Answer 22

Cyclical

Question 23

Slow or shut down for a season / seasonal shifts

Answer 23

Seasonal