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A British economist who had very "left-winged" political views. He believed in the importance of government involvement in countries' economy. He claimed government programs work to reduce poverty and by involving the government, they could ensure people had money to spend, keeping the economy stable.

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The system in a country or region that relates to how money is made and used.

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The responsible management and use of resources so that
future generations will be able to live in healthy environments.

Example:
Planting trees and switching to renewable resources.

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An agreement between governments of different countries that reduces or eliminates trade barriers to trade between those countries.

Examples:
World Trade Organization, the North American Free Trade Agreement, the Association of Southeast Asian Nations, and Asia-Pacific Economic Corporation.

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Industries that work to obtain natural raw materials from the environment.

Examples:
Mining, agriculture, and forestry.

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An economist who mistrusted government control and had more "right-winged" political views. He believed the government should only be involved to establish laws that allow for business competition.

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Industries that include the manufacturing and assembly of the raw materials in order to create products for the consumer.

Examples:
Food processing, oil refining, and energy production.

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A sustained increase in the average price of goods and services in an economy over a large period of time.

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Goods from a country that are sent to foreign countries across a national border to be sold.

Examples:
Oil, food such as milk and berries, and natural resources such as metals or stones.

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Industries that provide services to consumers and includes a wide range of businesses.

Examples:
Financial institutions, schools and restaurants.

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A company owned by
the government to provide products and services to citizens. Their goals are to provide essential services and to promote economic development.

Examples:
Canadian Broadcasting Corporation, VIA Rail , Canada Post, and the Bank of Canada.

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A factory based in Mexico that is run by a foreign company. Mexico exports products made in these factories to the country of that company. This is an example of outsourcing.

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An import is a good brought into a country across a national border, from a foreign source.

Examples:
Foods such as berries or fruits, clothing and textiles, and building supplies.

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When one company hires another company from a foreign country to provide goods or services in order to save money.

Example:
Clothing production in India for consumers around the world.

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Industries based on knowledge sharing that typically includes a service.

Examples:
Information technology, information-sharing, media, and research and development.

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The idea that land, labour and capital limit the supply of what
consumers want and need.

Example:
The supply of fresh berries can be limited due to the growing season in Canada and trade agreements with other countries.

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An organization supported by the United Nations that has the goal to provide long-term support for developing countries to reduce poverty and fund infrastructure projects. It helps countries maintain a stable financial situation and governs international trade.

Example of World Bank Projects:
Providing money for additional school buildings in order to improve the learning environment in Eastern Afghanistan.

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The General Agreement on Tariffs and Trade. Members agreed to eradicate trade barriers and tariffs in order to allow for free trade.

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A political theory that supports the idea where all property is owned by the government (publicly owned) and each person works and is paid according to their abilities and needs. Its goal is to rid of class distinctions.

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An organization supported by the United Nations that has the goal to provide emergency and short-term loans to countries in need. It helps countries maintain a stable financial situation and governs international trade.

Example of IMF Projects:
Helping Africa rid of illicit diamond trade by strengthening their defenses against money laundering and smuggling.

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A factory or workshop where manual workers are paid low wages, work for long hours, and are forced to work under poor conditions with many health risks.

Example:
Workers who are involved in clothing production in India work in sweatshops with very poor conditions.

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A political and economic theory  that supports government involvement in production, distribution, and the exchange of goods. Socialism focuses on the idea of collectivism.

Examples of the most Socialist countries:
China, Denmark, Finland, Netherlands, and Canada.