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Define Transnational Corporation A corporation operating in two or more countries
Define Urbanization Growth of towns and cities, as people migrate from rural areas in search of work and other opportunities
Define The World Trade Organization Established to promote free trade and to help reduce trade barriers (tariffs)
Define The World Bank Part of United Nations established in 1944 to fight poverty by promoting economic development
Define United Nations An international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and the achieving of world peace
Define International Monetary Fund Agency of the United Nations established in 1944 in order to help world economy by encouraging countries to adopt sound policies affecting exchange rates and currency values. They promote trade
Whats a Crown Corporation? A corporation owned by the government
Define the Bretton Woods Agreement Agreement established a system of rules, institutions, and procedures for the postwar global economy
The Bretton Woods Agreement led to? The international monetary system which was a global network where institutions promote international trade and regulate the currency among Western countries
Whats a fixed exchange rate? A rate set by the government
Define Gold Standard Where all printed money such as the paper dollar could be converted to gold and could be cashed for gold at any time
What is Inflation? Inflation is when the countries prints out more currency and leads to the currency buying less
What are floating exchange rates? This means that the exchange rate is no longer fixed by the government, but has found its own value in the foreign exchange market
Define Centrally Planned Economic System Government planners decided what goods to produce, and how much
Define Mutual Funds When a company combines its clients money and invests it in a collection of stocks, bonds, and other securities
Whats a Recession? A period of a reduced economic activity lasting longer than six months
Define Group of Eight (G8) An informal group of the eight major industrial democracies
Define Subsidiaries Companies controlled by the parent company
Whats the difference between capital-intensive production and labour-intensive production? Capital-intensive production is the use of machinery and labour-intensive production is work done by hand
What does it mean when a country nationalizes an industry? It means that the government takes over from private owners
Define Trade Liberalization Process of removing barriers to trade
Whats Deregulation? Deregulation is when you open the industry to more competition by removing government regulations
Define Deforestation The destruction of forests by clearing or burning as a result of economic development
Define Agribusiness Large-scale agricultural businesses like factory farms or feedlots
Created by: ChristopherMah