vocab Flashcards
What is Free trade?
When countries remove some of their restrictions and eliminate taxes on the goods and services they trade with another country.
What is economic globalization
The spread of goods and products, trades, and transportation around the world in interest to promote worldwide.
What is Anti-globalization
When someone is against and opposed by globalization
What is Consumerism?
When consumers (us) consume things from globalization. Like buying products and goods.
What is deregulation?
the removal of regulations or restrictions, especially in a particular industry.
GNP
Gross National Product
GDP
Gross Domestic Product
Sweatshop
Factory/workplace where manual workers produce goods for long hours, for little pay. Mostly for transnational corporations.
Trade liberalization
the removal or reduction of restrictions or barriers on the free exchange of goods between nations
Prosperity
The state of being successful, and wealthy in someway
Reperations
the compensation for war damage paid by a defeated state.
communism
the government owns EVERYTHING
Economic depression
a period of time where the GDP drops and the stocks go low
Market Economy
a type of economic system where supply and demand regulate the economy, rather than government intervention.
Bretton Woods agreement
established a system through which a fixed currency exchange rate could be created using gold as the universal standard
