KEY TERMS

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Alternative Energy Sources: Energy sources that do not use fossil fuels. Like solar energy

Capitalism: No government involvement, free market and was created by John Maynard Keynes.

Communism: Heavy government involvement an idea created by karl Marx

Disparity: A unequal treatment of people

Ecological Footprint: How much land and resources a person uses

E-Commerce: Buying things on the internet

Economic Globalization: The spread of trade throughout the world. World commerce is promoted

European Union (EU): is international organization's main economic engine is the single market. It enables most goods, services, money and people to move freely.

Foreign Investment: The investment in a country by an foreign company

Free Trade: Trade that occurs when 2 or more countries eliminate tariffs on goods and services with each other

GATT: General agreement on trade and tariffs is what was before WTO it is used to encourage world trade

Global Climate Change: Small but steady changes in the climate across the world

GNH: Gross  national happiness

GPI: Genuine progress index

HDI: Human development index

IMF: International monetary fund. It gives money to countries that need financial help

Knowledge Economy: People who use research, education, etc for practical purposes.

Kyoto Protocol: Countries coming together to attempt to reduce greenhouse gas emissions

Market Economy: No government involvement. On the right side of the political spectrum

Mixed Economy: Some government involvement and also privatization. In the middle of the political spectrum

Maquiladoras: Manufacturing plants in Mexico are run by American and other foreign companies.

NAFTA/CUSMA: The north american free trade agreement gets ride of tariffs between canada, america and mexico so trade is easier between the countries.

Outsourcing: A company putting factories in other countries, usually countries that have less laws

Paris Accord: Is a treaty made that is internationally binding on climate change.

Privatization: The process of government owned things being bought by companies, making it more of a market economy

Resource Gap: The gap between how much resources a person consumes vs how much the earth can actually supply.

Sanction: A penalty. Often a economic penalty, a boycott on a company to encourage them to take action by following certain laws

Shipbreaking: The process of breaking down a ship

Stewardship: Caring about the environment and making sure that its resources can be sustained

Sustainability: The ability of the earth's resources to meet people's needs

Sustainable Development: The degree to which economic development to meet the present need does not compromise the ability of future generations (and all peoples) to meet their needs

Sustainable Prosperity: Practicing stewardship for the sake of our future generation

Tariffs: A tax needed to be paid in order to import or export a product

Trade Liberalization: Reducing barriers to trade

United Nations: Created to maintain international peace. Created after world war 2

World Bank: Creates long term plans to fix a countries economy

WTO: This international organization removes tariffs and regulates trade rules to make it more liberalized.