S10-1 RI#3 Terms

Terms in this set (31)

sustainability
being able to meet the needs of the present without compromising the ability of future generations to meet their own needs
prosperity
wealth or success
quality of life
our standard of living including health, entertainment, and social satisfaction; includes both material (money, house, technology) and non-material factors (happiness, freedoms, family, etc)
economic growth
the expansion of the national income of a country; the total production of goods and services of a country over a given period
trade liberalization (free trade)
2 or more countries reducing trade barriers (tax, tariffs, subsidies, etc) so that goods and services can be traded around the world more easily
privatization
selling a public/gov't owned service to a private company so that the service is no longer owned by the gov't; goal is creating a profit, instead of providing a service for the public
foreign investment
the purchase of assets (buildings, equipment, resources, patents, computer programs, etc) in one country by individuals, companies or governments of another country
outsourcing
reducing costs by using suppliers of products, parts and services in less developed parts of the world; workers are usually poorly paid
knowledge economy
businesses and individuals who use research, education, new ideas, and information technologies for practical purposes; employees typically well-educated, highly paid
containerization
the transporting of goods in standard-sized shipping containers (sea cans); can be loaded and unloaded, stacked, transported efficiently over long distances, thus reducing labour costs
sustainable development
development that meets the needs of the present without compromising the ability of future generations to meet their own needs
sustainable prosperity
practicing stewardship (usage) of the environment and resources so that future generations are able to achieve prosperity
standard of living
the level of material well-being enjoyed by a person
United Nations
international organization created after WWII in order to maintain 1. international peace and security and 2. international social and economic cooperation
Bretton Woods Agreement
agreement signed by the winning countries of WWII which laid the foundations for modern globalization, including creating the World Bank, IMF and GATT
World Bank
provides long term financial assistance (loans) to needy countries; goal to help them develop natural resources and increase productivity, often by funding infrastructure projects
IMF (International Monetary Fund)
works with World Band to stabilize international monetary affairs by providing short term, emergency type loans to countries
WTO (World Trade Organization);1995
-formerly GATT (General Agreement on Tariffs & Trade); countries agree to lower tariffs and subsidies and make trade "freer" (trade liberalization)
subsidy
A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity; often covers part of the cost of production of a good or service
tariff
A special tax added to imported goods to raise the price, thereby protecting a country's businesses and workers from foreign competition.
capitalism
an economic system that is in favor of free trade, competition and choice as a means of achieving prosperity
communism
an economic and political system whose purpose is to eliminate class differences and inequalities; everyone would work for the benefit of all and would receive help from the gov't as needed
John Maynard Keynes
an economist during the Great Depression; believed governments should set up programs to hire then unemployed during tough economic times; gov't jobs=money=buy stuff=businesses hiring more workers
Friedrich Hayek
economist who believes that gov't should make sure its laws do not interfere with competition between businesses
Milton Friedman
an economist who believed that in tough times, people should not rely on the gov't to help; believed there should be less gov't control and freer market
examples of subsidies
cheaper land, reduced transportation rates, paying for part of electricity costs, cheaper fuel, etc
NAFTA -North American Free Trade Agreement
-between Canada, USA & Mexico; 1993; promotes freer trade by reducing tariffs & subsidies
EU -European Union
An international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members; third largest 'trade bloc' in the world
APEC -Asia Pacific Economic Cooperation;
12 original countries in 1989; now a forum for 21 Pacific Rim countries that seeks to promote free trade and economic cooperation among the Americas, Pacific and Asia
economies of scale
saving that are achieved by producing, using and buying things in large quantities; an advantage of a multinational corporation
ecological footprint
the area of the earth's surface necessary to sustain the level of resources a person uses and the waste she or he creates;
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