Social Flashcards
remove tax from foreign goods and services
liberalization
tax on imported products
tariff
government assets are sold to private companies
privatization
transfer some processes to another country
outsourcing
monetary assistance granted by govt to enterprises
subsidy
nations with highly developed economy
developed countries
nations with underdeveloped industrial base
developing countries
goods and services we SELL to other nations
export
goods and services we BUY from other nations
import
Limits on the quantity of imports
quota
increasing amount of consumption
consumerism
different culture around the world integrate and mix with each other
global culture
exchange of different products from different countries, global competition
intense commercial exchange
trade between two parties with no restrictions or tariffs (taxes)
free trade
movement of goods, services, and people through free trade
economic globalization
world is getting more connected, enabling people to travel and communicate faster
technological globlization
countries and nations are becoming more independent; partnerships are highlighted
political globalization
advancements in weapons, war against terror, civil war, and territorial disputes
military globalization
way of life (e.g. reality shows)
cultural globalization
Healthy type, First time worker VS old worker, When workers leave old job but haven’t found new job
frictional unemployment
Phased-out skills; di ka na kailangan, Usually because of technological advancements, Worker’s skills do not match the job available
Structural
Unemployed because humina yung economy
Usually fires part-timers or contractual workers first
Cyclical
Slow or shut down for a season / seasonal shifts
Seasonal
