Key Vocabulary from Lecture on Economics and Politics

A comprehensive set of vocabulary flashcards covering key terms related to economics and politics as discussed in the lecture.

be on the same wavelength

To easily understand each other and tend to agree.

free trade

The unrestricted exchange of goods and services between countries.

global economy

The interconnected economies of different countries around the world.

Gross Domestic Product (GDP)

The total value of all goods and services produced in a country.

tax evasion

The illegal act of not paying taxes owed to the government.

capitalism

An economic system where trade and industry are controlled by private owners for profit.

currency

The system of money used in a particular country.

economics

The social science that studies the production, distribution, and consumption of goods and services.

migration

The movement of people from one place to another.

ubiquitous

Present or existing everywhere.

new technologies

Recent advancements in scientific inventions and methods.

universal culture

A culture that spreads and becomes common across different societies.

World Wide Web

A system of internet servers that support specially formatted documents.

communication

The process of sharing information or ideas.

global village

The idea that the world is becoming smaller due to increased communication and interaction.

Internet

A global computer network providing a variety of information and communication facilities.

media

The means of communication that reach or influence people widely.

alter

To change or modify.

campaign

A series of organized activities aimed at achieving a specific goal.

circulate

To move or cause to move continuously or freely through a closed system or area.

dismiss

To regard as unworthy of consideration.

exit

To leave or go out of a place.

remain

To continue to exist, especially after other things have gone.

influence

The capacity to have an effect on the character, development, or behavior of someone or something.

leave

To go away from.

negotiate

To discuss something in an attempt to reach an agreement.

opt for

To make a choice from a range of possibilities.

prorogue

To discontinue a session of (a parliament) without dissolving it.

share

To have a portion of (something) with another or others.

spread

To open out something that has been folded or closed.

stir

To mix or move a substance to combine its components.

support

To bear all or part of the weight of; to hold up.

gap between rich and poor

The disparity in wealth and resources between different social classes.

democracy

A system of government where the citizens exercise power by voting.

monopoly power

The power held by a single firm to control a market.

election

A formal and organized process of selecting individuals for public office.

exploitation

The action of treating someone unfairly in order to benefit from their work.

inequality

The unequal treatment or perceptions of individuals based on their social class.

pandemic

An outbreak of a disease prevalent over a whole country or the world.

poverty

The state of being extremely poor.

member

A person or organization belonging to a particular group.

Parliament

The supreme legislative body in some countries.

politics

The activities associated with governance and the debate between parties.

referendum

A direct vote in which an entire electorate is invited to vote on a particular proposal.

blue passport

A passport used by citizens of the UK, reflecting changes in immigration status.

free circulation

The movement of goods and services without restrictions.

Schengen area

A zone where 27 European countries abolished their internal borders for free movement.

soft Brexit

A British exit from the EU that keeps some economic ties to the bloc.

hard Brexit

A British exit from the EU without any agreements or ties.

negotiation

Discussion aimed at reaching an agreement.

outsourcing

The practice of hiring a third party to perform services that could be provided in-house.