24 terms

World Shipping Unit Test

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nonrenewable resource
a resource that cannot be replaced: like oil or coal
renewable resource
Any natural resource that can be replenished naturally: like solar, wind, or hydro energy
life expectancy
A figure indicating how long, on average, a person may be expected to live. Indicates quality of healthcare.
literacy rate
Shows the percentage of people in a country who can read and write at an elementary school level. Indicates the quality of education.
per capita GDP
an estimate of the average wealth of a person in that country
economic interdependence
a condition in which countries have strong economic ties and depend on each other for resources, technology , trade, and investment
free trade
the flow of goods or services across national borders, with little or no government control
globalization
the development of a global, or worldwide, society in which people, money, information, and goods flow fairly freely across national borders
multinational corporation
a large business that operates in more than one country
tariffs
A tax on imported goods
import
to bring goods into a country to be sold
export
to send goods to another country for sale
developed nation
a country with a modern industrial society and a well-developed economy
developing nation
Nations that are economically and technologically disadvantaged
sweatshop
a shop or factory where workers work long hours at low wages under unhealthy or dangerous conditions
capitalism
an economic system in which businesses are privately owned and operated; the free market determines the values of goods and services
capitalism advantages
Freedom, opportunity, ability to move social classes, lower taxes
capitalism disadvantages
Failure happens, wealth is not equal, individuals have to provide for themselves
communism
an economic system where the government owns the businesses and land, they also determine the cost of goods and services
communism advantages
No social classes, government provides for people (healthcare, education, employment), no individual failure
communism disadvantages
Lack of freedom, lack of motivation, lack of choice
supply and demand
the price of a good rises and falls depending on how many people want it and depending on how much of the good is available
standard of living
quality of life based on ownership of necessities and luxuries that make life easier.
foreign investment
investment by a person or company based in another country
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