Foundations of a global economy

Question 1

Prosperity

Answer 1

Prosperity is the flourishing, thriving, good fortune and successful social status.

Question 2

capitalism

Answer 2

The policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.

Question 3

industrialization

Answer 3

The development of industries in a country or region on a wide scale.

Question 4

producer

Answer 4

a person, company, or country that makes, grows, or supplies goods or commodities for sale.

Question 5

consumers

Answer 5

a person who purchases goods and services for personal use.

Question 6

consumerism

Answer 6

the protection or promotion of the interests of consumers.

Question 7

competiton

Answer 7

Competition is a contest between people or groups of people for control over resources.

Question 8

Trade liberalization

Answer 8

Trade liberalization is the removal or reduction of restrictions or barriers on the free exchange of goods between nations. These barriers include tariffs, such as duties and surcharges, and nontariff barriers, such as licensing rules and quotas. Economists often view the easing or eradication of these restrictions as steps to promote free trade.

Question 9

tariff

Answer 9

A tax imposed on one country on the goods and services imported from another country to influence it, raise revenues, or protect comepetitive advantages.

Question 10

protectionism

Answer 10

The theory or practice of shielding a country’s domestic industries from foreign competition by taxing imports.