Globalization Chapters 10-12

A system where the value of a currency is fixed to a specific amount of gold.

A system where exchange rates between currencies are determined by market forces. This means that the value of a currency can fluctuate based on supply and demand.

A government-controlled economic system where the government sets prices, production levels, and resource allocation.

An economic system where prices and production are determined by supply and demand, with limited government intervention.

An agreement among countries to reduce trade barriers and promote free trade.

An international organization that promotes free trade and resolves trade disputes.

A group of the world's seven largest developed economies.

The transfer of money, goods, and services from developed countries to developing countries.

A group of countries that have agreed to reduce trade barriers and promote free trade within their group.

The process of selling government-owned companies to private investors. Often done to increase efficiency and competition.

The idea that countries should specialize in producing goods and services where they have a relative advantage, meaning lower costs or greater efficiency.

The act of moving production or services to a different country, often for lower labor or production costs.

A set of international organizations that regulate and oversee global trade, finance, and development. They aim to promote free trade, economic stability, and development.

The process of transferring ownership of a government-owned entity to private individuals or companies. This often occurs with resources like water or land.

The process of relocating parts of a company's operations to another country, often for lower labor costs or other economic advantages. This can impact global job markets and economic development.

The extraction of valuable natural resources, such as oil, gas, or minerals, which can have significant environmental consequences due to habitat destruction, pollution, and climate change.

The process of clearing forests for other uses, such as agriculture, urbanization, and logging. This has significant ecological consequences, including biodiversity loss, soil erosion, and climate change.

The growth of cities and the increasing concentration of people in urban areas. This can lead to environmental challenges such as pollution, traffic congestion, and resource depletion.

A measure of a country's economic performance and living standards, taking into account factors beyond just economic growth, such as health, education, and environmental sustainability.

A measure of a country's progress, taking into account a wider range of factors beyond economic growth, including social, environmental, and cultural aspects. It aims to assess a country's overall well-being.

The uneven distribution of wealth, opportunities, and resources within a country or between countries. This can lead to social and economic inequalities.