Institutions
This international organization regulates global trade and aims to promote free trade between nations by setting rules and resolving disputes.
What is the World Trade Organization (WTO)?
This is a term for factories in developing countries where workers are paid extremely low wages and are often subjected to unsafe working conditions.
What is a sweatshop?
One of the negative consequences of the growing demand for goods in a globalized economy is the increase in this, which affects air, water, and soil quality.
What is pollution?
This economic indicator measures the total value of all goods and services produced within a country in a year.
What is Gross Domestic Product (GDP)?
This economist believed that in times of economic crisis, governments should spend money to stimulate demand and create jobs.
Who is John Maynard Keynes?
This multinational institution provides loans to developing countries and promotes structural adjustment programs to stimulate economic growth.
What is the International Monetary Fund (IMF)?
Through certain agreements and partnerships, nations benefit from the ability to access a larger market for this.
What is trade?
Economic globalization can lead to the overuse of these, which are finite resources that are often depleted faster than they can be replenished.
What are natural resources?
This 1944 meeting laid the foundation for global financial institutions like the IMF and World Bank, aiming to rebuild and stabilize the post-war global economy.
What is the Bretton Woods Conference?
This economist warned against too much government involvement in the economy and believed that free markets should regulate themselves.
Who is Friedrich Hayek?
This organization was created to promote international monetary cooperation and financial stability, and to facilitate global trade.
What is the World Bank?
Workers in developing countries may be forced to work long hours in poor conditions for low wages in this practice, which is often criticized by labor unions.
What is exploitation?
A con of this issue is the loss of habitat for many creatures.
What is deforestation?
This type of trade ensures all those involved in the making of the product are appropriately compensated.
These powerful corporations operate in more than one country and often influence global trade, labour standards, and local economies.
What are transnational corporations (TNCs)?
This agreement is a major trade deal between Canada, the United States, and Mexico that aims to reduce trade barriers and increase economic cooperation.
What is USMCA?
One of the positive effects of economic globalization is the creation of these, often in low-wage industries in developing countries.
What are jobs?
A pro of this issue is the increase in pest-resistant crops.
What is GMOs?
This type of trade focuses on knocking down barriers to make trading easier.
What is free trade?
Organizations like the European Union and NAFTA are examples of these, where countries in a region work together to promote free trade and economic cooperation.
What are regional trade blocs?
This institution facilitates cooperation between European countries on economic matters, including a shared currency and central banking system.
What is the European Union (EU)?
The global race to the bottom in wages and environmental standards is often a result of these, where companies move production to the lowest-cost location.
What are offshoring or outsourcing?
The ocean absorbing too much CO2 is what leads to this environmental issue.
What is ocean acidification?
This term refers to the amount of resources you use from the environment and how much waste you produce. Together these 2 equal your _____ ______.
What is ecological footorint?
This economic policy involves selling government-owned businesses to private individuals or companies.
What is privatization?