Unit 3 Vocab Flashcards
Economic Globalization
The increasing interdependence of world economies
the flow of international capital
Sustainable Prosperity
living well with less consumption
economies prosper while avoiding overshooting planetary boundaries
Globalization
The action of becoming globally connected
Trans-national Corporation
an enterprise that is involved with international production
corporation that operated in man countries
Legislation
Making or giving laws
Bretton-Woods Agreement
44 countries connected to trade and prevent another economic crisis after world war 2
Free Trade Bloc
also known as free trade area
member countries remove tariffs and quotas between themselves but maintain independent trade policies with non-members
GNI (gross national income)
the total amount of factor incomes earned by the residents of a county
equal to GPD
Per capita
per person
Trade Liberalization
Lessening government regulations and restrictions in an economy in exchange for greater participation by private entities
Tarrifs
a tax imposed on goods and services imported from another country
Protectionism
government policies that restrict international trade to help domestic industries
outsourcing
obtaining goods or services from a foreign supplier
Trade Barriers
any regulation or policy restricting international trade
Consumer
a person who purchases goods or services for personal use
