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Vocabulary
Labor Unions
Trade
Trade Part 2
United Nations
100
This occurs in a market economy. It is the idea that the government will stay out of the interests of people and businesses.
Laissez-Faire
100
What are labor unions?
A group of workers chosen by the majority at a place of work to negotiate for higher pay and better working commissions.
100
What is the difference between imports and exports?
Imports -Goods bought from another country Exports - Goods sold to another country
100
What are some of the criticisms of the World Trade Organization?
Criticism: Favors major corporations instead of workers, environment, and poor countries
100
What are the 3 areas the United Nations is expected to protect?
1. Environment 2. Income Inequality 3. Human Rights
200
This is when a business controls the supply of a particular product by buying up the competition. It is illegal because they limit competition causing them to control the price rather than the market or consumers.
Monopoly
200
This term is used to describe the ability of a group of workers to bargain together as a group
Collective Bargaining
200
Describe the difference between balanced trade, trade surplus, and trade deficit.
Balance of trade – difference between value of exports and imports Trade surplus - exports > imports = making money Trade deficit - exports < imports = losing money
200
What are 2 disadvantages or negatives to trade?
Lower GDP Higher national debt Higher unemployment Lower savings rates
200
What is the term used by the UN to describe teh basic human rights all people should have?
Universal Declaration of Human Rights
300
These are the only legal monopolies because the government regulates the practices.
Public Utilities
300
Name 2 ways labor unions accomplish their goals?
collective bargaining, strikes, picketing, sit-downs, and slowdowns.
300
Define these vocabulary words: Tariffs Quotas
Tariffs – tax on imports to make them more expensive to buy than domestic goods Quotas – limit on the amount of foreign goods imported
300
What are trade free zones?
Area where goods may be handled and manufactured without the intervention of customs. Examples are sea ports, international airports, etc…
300
How are human rights decisions and violations tried by the UN?
International Tribunals
400
These are business that supplies a large variety of products and have the potential to become too powerful.
Conglomerates
400
What are two tactics that employers use to combat negotiations with employees?
court injunctions, blacklists, lockouts.
400
How can trade be used as a political weapon?
Embargos – nation’s agree to block trade with a target nation Trade Agreements – reduce or eliminate restrictions between nations to promote free trade
400
What are the 2 major concerns about international trade?
Environmental - difficult to monitor multinational (MNC) businesses b/c of varying environmental regulations Worker exploitation - MNC’s use nations with cheap labor to increase profit margin’s at expense of worker safety and health.
500
The idea that the government should reduce the amount of government regulation over a business or market. This is a republican ideology because it limits government influence and promotes economic growth/business/sound money.
Deregulation
500
What is the difference between a mediation and arbitration?
Mediation— 3rd party negotiation where both parties are under no obligation Arbitration— negotiations where both sides are to bound to the 3rd party decision
500
What is the job of the World Trade Organization (WTO)?
oversees and organizes trade rules, settles trade disputes, and helps developing countries
500
What are 2 advantages of international trade?
1. Obtaining scarce goods - nations trade for goods that they can otherwise not get on their own 2. Comparative advantage - ability of one country to produce a good more efficiently than another. Japan makes TV’s better than the US does, so we get our TV’s from them 3. Creating jobs - by exporting products, producers expand market and thus can hire more workers