related issue three glossary Flashcards
(21 cards)
economic globalization
spread of trade, transportation, communication systems around the world in the interests of promoting worldwide commerce.
reparations
act of making amends for wrongdoings
may include payments made by a defeated enemy to countries whose territory was damaged during a war.
communism
economic/political system whose purpose is to eliminate class distinctions.
everyone would work for the benefit of all and would receive help as they needed
economic depression
period of low economic activity accompanied by high levels of unemployment
market economy
economy where government regulations are reduced to a minimum and businesses are free to make their own decisions.
outsourcing
reducing costs by using suppliers of products/services in countries where labour is cheaper and government regulation is less strict.
business strategy
containerization
transporting goods in standard sized shipping containers.
trade liberalization
countries reducing/removing trade barriers, so goods and services can move around the world more freely.
trade barriers such as tarriffs, quotas
free trade
trade that occurs when 2+ countries eliminate tariffs/taxes on the goods and
services they trade with one another.
consensus
general agreement
sanctions
economic penalty to pressure a government to agree to carry out certain actions or follow certain rules.
penalty such as trade boycotting
ecological footprint
measures how fast we consume resources and generate waste
sustain
to provide the basic necessities needed to support life
sustainability
degree to which Earth is able to provide the resources needed to meet people’s needs.
stewardship
Accepting responsibility for ensuring that the earth’s resources remain sustainable
flag of convenience
flag flown by ships when they are registered in a country that is not the country of their owner.
sustainable prosperity
Practising stewardship of the environment and resources so that future generations are able to achieve prosperity
the idea that people and economies should prosper, but they should do so in a way that can withstand shocks, ensure a good quality of life, and avoid overshooting planetary boundaries.
sustainable development
meets people’s needs in the present without compromising the ability of future generations to meet their needs
knowledge economy
Businesses and individuals who use research, education, new ideas, and information technologies for practical purposes
privatization
selling of a public service to a private company so that the service is no longer owned by the government.
public service like electricity delivery or health care
global climate change
Small but steady changes in average temperatures around the world.
