Unit Three Flashcards
What is contemporary globalization (economic)?
the mixing and interdependence of markets across the world through the movement of trade, technology, and wealth.
What is trade liberalization/free trade?
the removal or reduction of restrictions or barriers on the free exchange of goods between nations.
What is fair trade?
a worldwide movement that aims to help farmers and producers in less economically developed countries
What is economic regulation vs. deregulation?
when the government removes or reduces the restrictions in a particular industry to improve business operations and increase competition.
What is transnational corporations?
an enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country. It sets up factories in developing countries as land and labor are cheaper there.
What is outsourcing?
a business practice in which a company hires a third party to perform tasks, handle operations or provide services for the company.
What is sustainable development vs. prosperity?
the idea that people and economies should prosper, but they should do so in a way that can withstand shocks, ensure a good quality of life, and avoid overshooting planetary boundaries.
What is the global free market?
one where the laws of supply and demand provide the sole basis for the economic system, without government intervention.
What is a developed country?
has a mature and sophisticated economy, usually measured by gross domestic product (GDP) and/or average income per resident. Developed countries have advanced technological infrastructure and have diverse industrial and service sectors.
What is a developing country?
a poor agricultural country that is seeking to become more advanced economically and socially.
What is a private enterprise?
industry and business which is owned by individual people or commercial companies, and not by the government or an official organization.
What is a public enterprise?
Any enterprise owned, managed, and controlled by the government in its day-to-day functions, as well as its long-term objectives
What is private ownership?
the fact of being owned by a private individual or organization, rather than by the state or a public body.
What is nationalization?
the transfer of a major branch of industry or commerce from private to state ownership or control.
What is economic competition?
the rivalry between organizations or countries to improve efficiency and gain a competitive edge in the market.
What is equality?
the state of being equal, especially in status, rights, and opportunities.
What is global commerce?
the interconnected system of trade and economic exchange that spans across nations, facilitating the movement of goods, services, and capital on an international scale.
What is a labour union?
an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
What are trade barriers?
any regulation or policy that restricts international trade, especially tariffs, quotas, licences etc.
