unit 3 test world issues

quality of life:

Subjective measure of happiness in a country

Standard of Life:

Material well being of the average person in a given population

fair trade

international system of doing business based on dialogue, transparency and respect

autarky

Countries that adopt an absolute protectionism policy opposite of free trade. a country is fully self-sufficient ex. NK

income

Refers to money received from all means - pay, investment

Debt Trap Diplomacy

an international; financial relationship where a country lends a country money to increase political leverage

multilateral aid

 an agreement between 3 or more countries

climate shock

Severe climate events (e.g., droughts, floods) that disrupt food production/distribution

tariffs

A tax or duty to be paid on a particular class imports or exports - usually done to protect local or domestic industry from foreign competition

protectionist

protecting local and domestic industries from foreign competition by taxing imports, imposing tariffs, providing domestic subsidies to exporters,quotas

NGO

non governmental organization. Independent groups providing aid (e.g., Oxfam, Red Cross). Often receive government funding due to efficiency and transparency.

command market

An economic system in which the government or central authority makes all decisions about the production and distribution of goods and services. The state owns most of the resources and means of production. Examples include North Korea and formerly the Soviet Union.

free market

An economic system where prices are determined by supply and demand with minimal government involvement.

mixed market

Combines free market and command elements. Most countries use this model (e.g., Canada, USA), with government managing services like defense and mail.

cash crop

 grown primarily for sale rather than for the farmer's own use. These crops are often exported and include products like coffee, cotton, sugar, and tobacco. Cash crops can provide income but can also increase dependency on global markets.

wealth

Total value of assets minus debts. Includes both physical (property) and intangible (skills, patents) resources. Accumulated over time.

absolute poverty

Lacking basic life necessities like food, clean water, and shelter. Varies by national poverty lines.

relative poverty

Individuals level of income as being low in relation to other people in that individuals community

famine

Serve short-term shortage of food caused by temporary failure of food production or food distribution that leads to starvation

starvation

Extreme hunger that occurs over an extended period of time. Lack of essential nutrients from food causes a loss of energy, which to find energy the body begins to break down its own tissue

malnutrition

Poor health from an imbalanced diet—either too much or too little of essential nutrients. Includes undernutrition.

dumping

When a company exports a product at a price that is lower than what it sells if for at home

economic shock

unexpected event which greatly impacts the economy (such as GDP and inflation rates)