UNIT 7 - CH 20

Question 1

Comparative advantage

Answer 1

The ability of a country to produce a good at a lower cost than another country can

Question 2

Complementary

Answer 2

When two regions through exchange of commodities can specifically satisfy each others demands

Question 3

Deindustrialization

Answer 3

The cumulative and sustained decline in the contribution of manufacturing to a national economy

Question 4

Ecotourism

Answer 4

A form of tourism, based on the enjoyment of scenic areas or natural wonders, that aims to provide an experience of nature or culture in an environmentally sustainable way

Question 5

European Union (EU)

Answer 5

(Syn common market) an economic association established in 1957 by a number of Western European countries to promote free trade mooing its members

Question 6

Export processing zone (EPZ)

Answer 6

Industrial parks for foreign companies to conduct export-orientated manufacturing

Question 7

Export processing zones (EPZs)

Answer 7

Zones established by many countries in the periphery and semi-periphery where they offer favorable tax, regulatory, and trade arrangements to attract foreign trade and investment

Question 8

Fordism

Answer 8

Form of mass production in which each worker is assigned one specific task to perform repeatedly

Question 9

Free trade agreement

Answer 9

An agreement between member countries to remove duties and trade barriers on products traded among them

Question 10

Free trade zone (FTZ)

Answer 10

A tariff-free zone located within or near a port city

Question 11

Growth poles/centers

Answer 11

Because of economic stimulus with the technopoles they can also be called this- attracts even more economic development

Question 12

International division of labor

Answer 12

The process where assembling procedures for a product are spread out through different parts of the world

Question 13

International Monetary Fund (IMF)

Answer 13

An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade brought financial cooperation

Question 14

Just-in-time delivery

Answer 14

Shipment of parts and materials to arrive at a factory moments before they are needed

Question 15

Mercosur

Answer 15

An organization that promotes trade and economic cooperation among the southern and eastern countries of South America

Question 16

Multinational corporation

Answer 16

An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management

Question 17

Multiplier effect

Answer 17

Expansion of economic activity caused by the growth or introduction of another economic activity

Question 18

NAFTA (North American Free Trade Agreement)

Answer 18

The free-trade area launched in 1994 involving the United States, Canada, and Mexico

Question 19

Neoliberalism

Answer 19

A strategy for economic development that calls for free markets, balanced budgets, privatization, free trade, and minimal government intervention in the economy

Question 20

Outsourcing

Answer 20

The practice of contracting with an organization to perform some or all business functions in a country other than the country in which the product or service will be sold

Question 21

Organization of Petroleum Exporting Countries (OPEC)

Answer 21

An economic organization consisting primarily of Arab nations that controls the price of oil and the amount of oil its members produce and sell to other nations

Question 22

Post-Fordism

Answer 22

Increased automation on the assembly line requires workers who are not replaced to perform many jobs

Question 23

South African Development Community (SADC)

Answer 23

Formed in 1979 to foster economic cooperation and integration among the 16 member states

Question 24

Special Economic Zones (SEZs)

Answer 24

Specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment

Question 25

Sustainable development

Answer 25

Conducting business in a way that protects 6the natural environment while making economic progress

Question 26

Tariffs

Answer 26

Taxes on imports or exports

Question 27

Transnational corporations

Answer 27

Corporations that operate worldwide

Question 28

UN Sustainable Development Goals (SDGs)

Answer 28

A collection of 17 global goals set by the United Nations to mobilize efforts to end all forms of poverty, fight inequalities, and tackle climate change, while ensuring that no one is left behind

Question 29

World Trade Organization (WTO)

Answer 29

A permanent global institution to promote international trade and to settle international trade disputes