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Developing countries
countries with little industrial and economic activity where people generally have low incomes.
Developed countries
countries with a lot of industrial and economic activity where people generally have high incomes.
emerging market economy
a nation’s economy progressing toward becoming developed and advanced
Global village
the idea that we became a single community due to affordable and effective transportation, mass media, and electronic communications
Global economy
economy of the world comprising economies of different countries closely interrelated
global trade
the exchange of goods and services between countries
workplace with unacceptably severe conditions and usually extremely low wages.
businesses outsource production to countries with developing economies
the state of being successful usually by making a lot of money.
Standard of living
quality of life or level of material prosperity available to an individual or a group of people.
Human Development Index (HDI)
an index prepared by the United Nations which lists countries in the order of human achievement taking into consideration three dimensions: health, education, and living standards.
the belief that it is good for people and society to spend a lot of money on goods and services.
To immigrate
to settle in a foreign country. It suggests permanent relocation and applies to people.
To emigrate
to leave one country in order to settle in another. It also applies only to people.
cultural convergence
a tendency for cultures to blend and become more alike
cultural divergence
describes things that make separations of cultures.
World Trade Organization (WTO)
global organization that helps countries and producers trade fairly and effectively.
International Monetary Fund (IMF)
Intergovernmental organization with its headquarters in Washington, D.C. that focuses on maintaining international economic stability.
anti-globalisation movement
a social movement critical of the globalisation of corporate capitalism
relating to, or made in your own country
relating to a particular area, city or town
the act of bringing together smaller components into a single system that functions as one
a situation in which people work together to do something
involving more than two groups or countries
involving only one group or country
a period of time when workers stop work in order to force an employer to agree to their demands
- is the process of implementing and developing technical standards.
national sovereignty
the idea that independent nations, which have declared their independence, have an organized government and are self-contained, have a right to exist without other nations interfering
having plenty of money, nice houses, expensive things etc SYN wealthy
economic growth driver
something that provides development and growth of economy
a trade barrier
a government-induced restriction on international trade;
boundaries between countries
a tariff
a tax on goods coming into or leaving a country
fair trade
trade in conformity with a fair-trade agreement
the mutual reliance between two or more groups
an extremely powerful nation