Economic Globalisation Key Terms Flashcards Preview

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Flashcards in Economic Globalisation Key Terms Deck (8)
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1

Free-Market Economy

a market economy based on supply and demand with little of no government control

2

Free-Trade

a policy where a government does not interfere imports or exports by applying tariffs, subsidies or quotas

3

Privatisation

transferring ownership of a public service/agency,property into private ownership run for profit

4

Neoliberalism

a political philosophy of free markets, free trade, privatisation and increasing the role of business in society (while decreasing the influence of government). It is thought that by making trade easier, there will be more of it, meaning wealth and reduction of poverty

5

Protectionism

policies to protect businesses and workers in a country by restricting/regulating trade with foreign nations

6

Tariff

a tax imposed on imports

7

Subsidy

financial assistance to a business by government to make it competitive or prevent collapse

8

Quota

a limit on the quantity of a good a country allows into the country