Term 1 key words

Question 1

Environmental Sustainability

Answer 1

ability to meet present needs without compromising the capacity of future generations to meet their needs, by maintaining ecological balance and minimizing environmental harm.

Question 2

Globalisation

Answer 2

he increasing interconnectedness and interdependence of economies, cultures, and societies through trade, investment, technology, and communication. (lifting of barriers of trade)

Question 3

International Business Cycle

Answer 3

The fluctuations in economic activity, such as growth or recession, that occur simultaneously across multiple countries due to global economic linkages.

Question 4

Economic Growth and Development

Answer 4

Economic Growth: The increase in an economy’s output of goods and services, typically measured by GDP.

Economic Development: Broader improvements in living standards, education, health, and infrastructure, often encompassing economic growth.

Question 5

Wealth (of an Economy)

Answer 5

The total accumulated assets of an economy, including financial, natural, and physical capital, reflecting its ability to produce future income.