unit 7.2 Flashcards
(48 cards)
Gender Empowerment Measure (GEM)
A measurement of gender equality that includes the proportion of seats held by women in national parliaments, the percentage of women in economic decision-making positions, and women’s versus men’s share of earned income
Gender Parity
A way of documenting progress toward gender equality using measures such as relative access to education, average incomes for women versus men, and workforce participation
Microloan
A very small loan to poor people with little income or collateral intended to help them establish or expand a small business
Mercantilism
A theory of trade stating that each country strives to export more than it imports in order to accumulate wealth
Protectionism
Trade rules that restrict imports in order to protect domestic industries
Absolute advantage
A nation’s ability to produce a good or service more efficiently than another nation
Comparative advantage
A country’s ability to produce one product much more efficiently than it can produce other products within its economy
Complementarity
A measure of how well one country’s export profile matches another country’s import profile
Transnational corporation (TNC)
A firm with the power to coordinate and control operations in more than one country, even if it does not own those operations
Competitive advantage
A firm’s relative ability to outperform other transnational corporations (TNCs) in its industry
Neoliberalism
A range of pro-market and anti-government positions on the economy, such as reducing government ownership and regulation and promoting privatization and market-based solutions
International Monetary Fund (IMF)
International organization that seeks to foster global monetary cooperation, achieve financial stability, facilitate international trade, and promote sustainable economic growth
World Bank
An international financial organization that provides funding and expertise to promote sustainable economic growth in developing countries
World Trade Organization (WTO)
An international organization that regulates trade among 184 member states, providing a framework for negotiating trade agreements and resolving trade disputes
Free-trade agreement
A treaty between two or more countries that reduces tariffs and promotes foreign investment
Tariffs
Tax on imported goods and services
Custom unions
A free-trade agreement among two or more member countries, combined with a single, common external trade policy for nonmembers
Mercosur
Spanish acronym for the Southern Common Market, a South American customs union that includes Argentina, Brazil, Paraguay, and Uruguay as its full members
Organization of the Petroleum Exporting Countries (OPEC)
An intergovernmental organization created to coordinate and unify petroleum policies among member countries
Trade embargo
An official ban on trade with a specific country or of a specific good
Financial market
Marketplace where financial instruments are traded; stock markets, bond markets, and foreign exchange markets are all financial markets
Debt crisis
Occurs when a government’s debts exceed its tax revenues to the point that it cannot meet its loan payments
Import substitution industrialization (ISI)
An economic development policy intended to replace imported goods with domestically produced goods as a way to spur industrialization and reduce dependence on other nations
Fordism
The economic and social arrangement based on the mass production of standardized goods, high labor union membership rates, stable and full-time manufacturing employment, and high factory wages that enable mass consumption
