w10

Question 1

globalization

Answer 1

Globalization: The intensification of worldwide social relations that link distant locations in such a way that local happenings are shaped by events occurring many miles away, and vice versa.

Question 2

Economic system:

Answer 2

The rules, mechanisms, institutions, and systems of relations through which goods and services are distributed and people get what they want.

Question 3

neoliberalism

Answer 3

Neoliberalism: An economic philosophy that argues for minimal government involvement in the economy, and great accelerated economic growth.

Question 4

Nation-State:

Answer 4

A political community that has clearly define territorial boarders and centralized authority.

Question 5

nation

Answer 5

Nation: A collection of people who share a common language worldview, and ancestry.

States as the building blocks of the global economic network.

Question 6

Market externalities:

Answer 6

Market externalities: Costs that are not included in the prices people pay, i.e. health risks and environmental degradation.

Need to calculate the additional monetary and nonmonetary expenses that go to produce and distribute each ingredient in a snickers bar: expenses not reflected in the store price.

Question 7

Transnational

Answer 7

Transnational: Involving more than one nation-state; reaching beyond or transcending national boundaries.