Unit 2 Vocabulary Flashcards
Free trade
International trade without tariffs, quotas or restrictions
Economic Globalization
Spread of trade, transportation, and communication in the world
Anti- globalization
Advocates that preservation of environment, human rights, and democratic institutions is at risk because of globalization
Consumerism
Protection of promotion of the interests of consumers
Deregulation
Removal of regulations or restrictions in a particular industry
GNP
Gross National Product, total value of all finished goods and services produced by a county’s citizens in a given period of time
GDP
Gross Domestic Product value of all finished goods and services produced by a country in a certain amount of time
Sweatshop
Factory workshop where workers are paid low wages for long hours and poor conditions
Trade liberalization
Removal or reduction of restrictions or barriers on free exchange of goods between nations
Prosperity
Success, people becoming rich in many ways
Reparations
Making amends after wrong has been done
Communism
Karl Marx advocated that you can only reach prosperity when each person works and gets paid according to abilities no rich vs poor gap
Economic depression
Period of economic decline, unemployment rates rise and consumer confidence suffer
Market economy
When production prices are determined by unrestricted competition between privately owned businesses
Breton Woods Agreement
Created collective international currency exchange regime (1940-1970)
International Monetary Fund
Global organization that works to achieve sustainable growth and prosperity for all of its 190 member countries
Exchange rate
Value of one currency for the purpose of conversion to another
Gold standard
System by which value of a currency was defined in terms of gold , for which the currency could be eaxhanged
Floating exchange rate
A system where a country’s currency price is determined by the relative supply and demand of other currencies
World bank
International development organization owned by 187 who’s goal is to reduce poverty
Quota
Fixed share of something that a person or group is entitled to receive or has to contribute
Cold War
State of conflict between nations that does not include direct military action but is done through economic and government attacks
WW1
International conflict (1914-1918) that included most of Europe, Russia, U.S, the Middle East and other regions
WW2
War fought (1939-1945) between Axis powers like Germany, Italy, Jayant etc.
Keynesian economics
Argues that demand drives supply and that healthy economies spend or invest more than they save
Totalitarianism
Type of government that attempts to assert total control over the lives of its citizens
Hayek (Friedrich)
Believed that the price system fulfilled a critical function in society, and the price system only works if people can choose freely what to buy at what price
Thatcherism
Attempts to promote low inflation, the small state and free markets through right control over money supply
Recession
Period of temporary economic decline during which trade and industrial activity are reduced
GATT
General Agreement On Tariffs and Trade is a treaty minimizing barriers to international trade
FTA
Free Trade Agreements is between 2 or more countries where they agree on certain obligations that affect trade
NAFTA
North American Free Trade Agreement established free trade between Canada and U.S.A
WTO
World Trade Organization is the only international globalization dealing with the rules of trade between nations
G8/G20
Group 8/ Group 20 were groups established in different periods of time that were created so that emerging markets could be represented
Sanction
Threatened penalty for disobeying a law or rule
Ecological Footprint
Impact a person of community has on the environment
Sustainability
Ability to be maintained at a certain rate or level
Stewardship
Job of supervising or taking care of something like an organization or property
European Union
Partnership between 27 EU countries that promotes peace, its value, and the well being of its citizens
Knowledge Economy
Worth is independent and consumption and production is based on intellectual capital
Deforestation
Clearing a wide area of trees
OPEC
Organization of the Petroleum Exporting Countries they ensure the stabilization of oil markets in order to secure an efficient economic and regular supply of petroleum to consumers
Conservation
Prevention of wasteful use of a resource
Equalization Payments
Transfer payment given to provincial/ state government to offset imbalances between different parts of the country
Tarrif
Tax or duty to be paid on a particular class of an imported product
