Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
economics 12 ch4
Global Economy
| Term | Definition |
|---|---|
| wage rates | the established rates of pay for a specific job or work performed |
| Human Capital | The knowledge and skills that enable workers to be productive |
| Glass Ceiling | An artificial barrier to advancement faced by women and minorities |
| Civilian labor force | made up of people age 16 and older who are employed or actively looking for and available for work |
| Outsourcing | the practice of contracting with an outside company, often in a foreign country, to provide goods and services |
| Insourcing | the practice of foreign companies establishing operations in the U.S. (brings jobs) |
| Labor Union | An organization of workers that seeks to improve wages, working conditions, fringe benefits, job security and other work related matters for its members |
| Right-to-Work Laws | make it illegal to require workers to join unions |
| Collective Bargaining | The way businesses and unions negotiate wages and working conditions |
| Economic Interdependence | situation which producers in one nation depend on others to provide goods and services they do not produce |
| Absolute Advantage | the ability of one trading nation to make a product more efficiently than another |
| Comparative Advantage | A trading nation's ability to produce something at a lower opportunity cost than that of another trade nation |
| Export | goods and services produced in one country and sold to other countries |
| trade barrier | any law that limits free trade between nations |
| tariff | a fee charged for goods brought into a country from a foreign country |
| free-trade zone | a specific region in which trade betwen nations takes place w/out protective tariffs |
| European Union | The EU is an economic and political union of European nations established in 1993 |
| NAFTA | The North American Free Trade Agreement is designed to ensure trade w/out barriers between Canada, Mexico, and the USA |
| OPEC | Organization of Petroleum Exporting Countries |
| World Trade Organization (WTO) | is a group of nations that adhere to the policies of the general agreement on tariffs and trade |
| perfect competition | the ideal model of a market economy |
| monopoly | a market structure in which only one seller sells a product for which there are no close substitutes |
| economies of scale | a situation in which the average cost of producion falls as the producer grows larger |
| patent | a legal registration of an invention or a process that gives the inventor the exclusive property rights to that invention or process for a certain number of years |
| monopolistic competition | a market structure in which many sellers offer similar, but not standardized, products to consumers |
| nonprice competition | the use of factors other than price- such as style, service, advertising, or giveaways to try to convince customers to buy from one producer rather than another |
| oligopoly | a market structure in which only a few sellers offer a similar product |
| deregulation | the reduction or elimination of government oversight and control of business |
Created by:
przewozny
Popular Social Studies sets