Economics
Bilateral Trade
A trading system between two countries where each country tries to balence their trade with the other
Cold War
The conflict between the USA and Soviet Union or between the communists and capitilists
Communism
Type of goverment where everything is centrally planned (controlled by the gov.)
Containerization
A shipping method where ships are used to transport materials in containers
Corporate Responsibility
Impact on an organization makes on a society, the environment and the economy
Ecological Footprint
A method used to determine how dependent humans are on natural resources
Economic Globalization
Increasing interdependence of world economics as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of techonologies
European Union
A political union between the 27 countires involved in Europe
Free Trade
Trade left without tariffs, quotas or other restrictions
GATT
The General Agreement on Tariffs and Trade (GATT), signed in 1947 by 23 countries, is a treaty minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies
GDP
Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period.
Global Climate Change
The change in average temperatures and rainfall across the world
Friedrich Hayek
His theory on how changing prices relay information that helps people determine their plans
IMF
Works to achieve sustainablity, growth, and prosperity for all of its 190 member countries
Inflation
Inflation is the rate of increase in prices over a given period of time.
John Maynard Keynes
British economist John Maynard Keynes spearheaded a revolution in economic thinking that overturned the then-prevailing idea that free markets would automatically provide full employment
Market Economy
A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention
NAFTA
North American Free Trade Agreement (NAFTA) established a free-trade zone in North America
Outsourcing
Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company's own employees and staff.
Privatization
Privatization occurs when a government-owned business, operation, or property becomes owned by a private, non-government party
Protectionism
Protectionism refers to government policies that restrict international trade to help domestic industries.
Reparations
A levy on a defeated country forcing it to pay some of the war costs of the winning countries
Sanctions
Economic sanctions are commercial and financial penalties applied by states or institutions against states, groups, or individuals.
United Nations
Maintaining world peace
Tariffs
A tariff is a tax imposed by one country on the goods and services imported from another country to influence it, raise revenues, or protect competitive advantages.
Resource Gap
A resource gap analysis helps you identify the gaps between the resources you will need to cover upcoming projects and the resources you currently have
Shipbreaking
Ship breaking is the process of dismantling ships and selling their parts - primarily the steel - for scrap.
Stewardship
land use practices and processes that foster the sustainable use and management of natural resources
Sustainable prosperity
Sustainable prosperity is 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.
World Bank
provides financing, policy advice, and technical assistance to governments of developing countries.
WTO
the only global international organization dealing with the rules of trade between nations.
Trade Liberalization
Trade liberalization is the removal or reduction of restrictions or barriers on the free exchange of goods between nations.