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Flashcards in RI 3 Deck (21):
1

Economic globalization

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

2

Reparations

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

Communism

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

Economic depression

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

5

Market economy

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

6

Outsourcing

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

Containerization

The transportation of goods in standard-sized shipping containers

8

Trade liberalization

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

9

Free trade

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

10

Consensus

General agreement

11

Sanctions

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

Ecological footprint

The area of the earth's surface necessary to sustain the level of resources a person uses and the waste he or she creates

13

Sustain

To provide the basic necessities needed to support life

14

Sustainability

The degree to which earth is able to provide the resources necessary to meet people's needs

15

Stewardship

Accepting responsibility for ensuring that the earth's resources remain sustainable

16

Flag of convenience

A flag flown by ships when they are registered Ina country that is not the country of their owner

17

Sustainable prosperity

Practising stewardship of the environment and resources so that future generations are able to achieve prosperity

18

Sustainable development

Development that meets people's needs in the present without compromising the ability of future generations to meet their needs

19

Knowledgable economy

Business and individuals who use research, education, new ideas, and information technologies for practical purposes

20

Privatization

The selling of a public service, such as electricity delivery or health care, to a private company so that the service is no longer owned by the government

21

Global climate change

Small but steady changes in average temperatures around the world