Concepts and Terms

Concepts and Terms

Points to consider:

• 10% the world's population live on less than two dollars a day

• What defines prosperity?

• How can governments, global organizations and transnational corporations create, distribute, and share wealth?

• What are some of the challenges and opportunities for creating sustainable economic growth in the realm of globalization?

As you progress through this unit, consider the following questions:

• What are some of the ideas that led to globalization as we know it?

• What factors are at work in a capitalist, command, or mixed economy?

• Can economic development continue unchecked, or are there limits?

• Should individuals, government, or international agencies be making the economic decisions?

In this unit, you will learn more about the following big ideas:

• Why has globalization expanded so much over the course of recent history?

• What are some of the major international organizations that deal with international economic issues today?

• What roles do governments, international organizations, and businesses play in connecting all people and contribute to prosperity for all?

• How does globalization challenge countries and cultures?

• What alternatives are possible to globalization as we know it?

acquisition

comparative advantage

European Union

knowledge economy

infrastructure

merger

off-shoring

outsourcing

Poverty Reduction Program

privatization

protectionism

rule of law

specialization

subsidy

sweatshop

tariff

trade agreement

trade liberalization

World Trade Organization

zero sum game