Vocabulary Terms
Economic System that advocates free trade, competition and choice.
Capitalism
WTO
World Trade Organization
Small but steady changes in the average temperatures around the world.
Climate Change
Privatization
The sale of government-owned industries and services to private businesses
The gathering of ownership of newspapers and other media in the hands of a few large corporations
Media Concentration
One company hiring another company to complete certain tasks in production
Outsourcing
IMF
International Monetary Fund
A shipping method in which large amounts of goods are packaged into large containers for efficient transport and handling.
Containerization
The spread of culture, trends, customs and practices around the world
Universalization
An epidemic that spreads around the world and poses a serious threat because of people's ability to travel farther and fast than ever before
Pandemic
A society obsessed with accumulating and buying "stuff"
Consumerism
WB
World Bank
The spread of trade, transportation and communication systems around the world
Economic Globalization
Development that meets peopl's needs in the present without compromising the future.
Sustainable Development
A company that operates in two or more country's
Transnational Corporation
Trade between countries with relatively few restrictions.
Free Trade
NAFTA
North American Free Trade Agreement
Variety in cultures and identities
Cultural Diversity
The gap that separates people who do and do not have access to up to date digital technology.
Digital divide
A process that occurs when the culture of a minority group is absorbed by another culture
Assimilation
The area of the earth's surface necessary to sustain the level of resources a person uses and the waste she of he creates.
Ecological Footprint.
GATT
General Agreement on Tariffs and Trade
Using resources in a manner to meet the needs of today without taking from tomorrow.
Sustainable Prosperity
One country's domination over another country's economic, political and cultural institutions
Imperialism
A meeting held post-WWII in the United States with the purpose of rebuilding the world economy
Bretton Woods Conference