Global economy: A short revision

A limited quantity of a product which may be produced, exported, or imported is called a ___.

An arrangement between two countries make to trade without tariffs, quotas, or other restrictions on some products is called ___.

The reduction of barriers to make foreign trade between countries easier is called ___.

• protectionism

• socialism

• capitalism

• trade liberalisation

Taxes imposed on imports or exports to discourage foreign trade are called ___.

The relocation of manufacturing jobs so as to cut the cost of production is called ___.

Countries that have a lower average standard of living are often called ___.

• stagnant countries

• developing countries

• a banana republic

• developed countries

The organisation in charge of regulating foreign trade and conducting trade negotiations is the ___.

The practice of safeguarding a country's domestic industries from foreign competition by discouraging imports is called ___.

Sustainable development refers to:

• the administration of natural resources to make sure they are also available for future generations.

• the exchange of capital, goods, and services across international borders or territories.

• the planning to meet the social and economic needs of humans while preserving the natural environment.

• the fair treatment and equitable status of all individuals and social groups within a state or society.

The practice of basing a business or part of a business in a different country, usually because this involves paying less tax or other costs, is called ___.