Chapter 7 & 9 Vocab Flashcards Preview

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Flashcards in Chapter 7 & 9 Vocab Deck (21)
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1
Q

Economic globalization

A

The spread of trade, transportation, and communication systems around the world in the interests or promoting worldwide commerce.

2
Q

Reparations

A

The act of making amends for wrongdoing. Reparations may include payments made by a defeated enemy to countries whose territory was damaged during a war.

3
Q

Communism

A

An economic and political system whose purpose is to eliminate class distinctions. Everyone would work for the benefit of all and would receive help as he or she needs it.

4
Q

Economic depression

A

A period of low economic activity accompanied by high levels of unemployment.

5
Q

Market economy

A

An economy in which government regulations are reduced to a minimum and businesses are free to make their own decisions.

6
Q

Outsourcing

A

A business strategy that involves reducing costs by using suppliers of products and services in countries where labour is cheaper and government regulation may be less strict.

7
Q

Containerization

A

The transporting of goods in standard-sized shipping containers.

8
Q

Trade liberalization

A

A process that involves countries in reducing or removing trade barriers, such as tariffs and quotas, so goods and services can move around the world more freely.

9
Q

Free trade

A

The trade that occurs when two or more countries eliminate tariffs and taxes on the goods and services they trade with one another.

10
Q

Consensus

A

General agreement.

11
Q

Sanctions

A

A penalty. Often an economic penalty, such as a trade boycott, taken to pressure a government to agree to carry out certain actions or follow certain rules.

12
Q

What is an example of economic globalization?

A

Canada selling it oil to countries around the world

13
Q

What is an example of reparations?

A

The money Germany was ordered to pay to Russia, Britain, France after WW1. They also had to give up their colonies

14
Q

What is an example of communism?

A

The economy of the USSR or soviet union. Where property belonged to everyone and farmers worked on collective farms

15
Q

What is an example of Economic Depression?

A

The Great Depression

16
Q

What is an example of a market economy?

A

A type of economy that had little to no government intervention like that of the U.S.A.

17
Q

What is an example of outsourcing?

A

Nike manufacturing products in places like Taiwan, Indonesia and Bangladesh

18
Q

What is an example of Trade Liberization?

A

When Countries of the UN signed the GATT agreement to gradually reduce trade tarrifs

19
Q

What is an example of free trade?

A

The North American Free Trade Agreement that eliminated trade barriers between 3 North American countries

20
Q

What is an example of a consensus?

A

The way the world trade organization make decisions

21
Q

What is an example of a Sanction?

A

When the WTO boycotts certain organizations