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43 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Development
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nation improves economicly, politically and sociallu
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Nation improves |
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Developed nation |
high average level of material well being |
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Newly industrialized country |
nation progressing towards developing economy |
Nation progresses... |
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Industrialization |
Organization economy of manufacturing |
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Literacy rate |
Fraction of nations population over age 15 can read/write |
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Life expectancy
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Average expected life span of individual
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Infant mortality rate |
Number of deaths per 1,000 live births |
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Subsistence agriculture
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farming level... person raises only food for family
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Population growth rate
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Measure country’s population increase given year
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Foreign investment |
Capital originates from foreign country |
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Foreign direct investment |
business established by investors from another country |
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Debt rescheduling |
Agreement between lending and debt nation... extends debt repayment |
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Nongovernmental organization |
Independent group raises money to fund aid |
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Privatization |
Sale or transfer of government owned business to individual |
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Special economic zone |
Designated regions have different economic laws from rest of country |
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Globalization |
tight interconnection of producers, consumers, and financial systems around world |
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Offshoring |
Movement of parts of company operation to another country |
Movement of company operation parts |
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Brain drain |
Migration of best educated people out of less developed nations |
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Deforestation |
Large scale destruction of forest |
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Free Trade |
trade takes place b/t countries... no barriers |
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Protectionism
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trade barriers by govt restrict imports into a country
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Dumping |
selling by country of large volumes of commodity at price lower than its production cost in another country |
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Tariff
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tax on imported goods
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Quota |
limit on number of value of goods can be imported into a country |
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Subsidy |
government payment... can be used to promote exports/ reduce quantity of imports |
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World Trade Organization (WTO) |
international organization sets rules of global trade and resovles trade disputes |
And sets rules of ... |
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Infant industry |
newly developed induetry, economy of scale and lows costs are achieved by selling to large market |
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Comparative Advantage |
country produces good @ lower opportunity costs than another country |
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Absolute Advantage |
country can produce more of a product with same/ less resources than another country |
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Voluntary export restraint |
self imposed quota |
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Trade bloc |
group of countries join together in agreement to icnrease trade between themselves, NAFTA |
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Preferential trading area |
trading block gives preferential access of certain products from certain countries |
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Customs union |
agreement between countries... countries agree to trade freely amongst themselves |
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Economic and monetary union |
trading bloc states eliminate all trade barriers |
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Complete economic integration |
final stage of economic integration... countries have control of economic policy, monetary union and complete harmonization of fiscal policy |
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Common market |
customs union, common polices on production regulation, free movement of goods services, capital and labor |
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Exchange rate |
value of one currency expressed in terms of another currency |
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Fixed exchange rate |
value of currency is fixed to value of another |
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Appreciation |
value of currency fixed exchange rate regime is raised |
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Depreciation |
value of currency fixed exchange rate regime is lowered |
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Balance of payment |
vlaue record of all transactions between residents of 1 country and residents of all other countries in the world given time period |
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Balance of trade |
revenue recieved from exports minus imports expenses over a period of time |
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Remittances |
foreign workers send money back to families in home country |
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