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event that happens inside something that belongs to you (house, country)

( canada is improving its domestic economy by legalizing cannabis)

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the effect that a certain thing, whatever it may be has on the environment

( a factory in india is dumping chemicals into a river, killing all fish down that river)

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a limit or minimum of a certain thing

( the pharmacist achieves her minimum quota of 10 patients during her shift)

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these two silks cost the same but the one that is imported from egypt has a tariff making it more expensive than the one made locally

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Tariff: an extra amount to be paid on imports to encourage the purchase of local products

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(leaving) (low demand/ high supply)

( egypt exports cotton to other countries as its seen as higher quality)

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Exports: the selling of products from a country to another where there is a higher need and less supply

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(entering) (high demand/ low supply)

(Jamaica imports computers as they dont have the means of producing their own)

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Imports: the buying of products whatever they may be into a county where there is a need for them

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(the programming of computers)

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Quaternary industry: revolves around knowledge and skill of technology

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industry that revolves around giving services over the products I.E (nursing teaching)

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factories that make clothes

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Secondary industry: industry that converts raw resources into products for consumer

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mining, agriculture, forestry

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Primary industry: the industry concerned with providing the first raw materials

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oil is being used faster than it is being made naturally

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Non-renewable resource: an element or thing that is being used quicker than it is naturally made and will hence eventually run out

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international organisation that provides loans, the provide financial support for projects unlike the international monetary fund

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organisation that oversees international trade updates on the GATT agreement ( world trade organisation)

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international organisation formed by the Bretton woods agreement to help countries to stabilize their economies, they do not provide funding for projects ( international monetary fund) countries who contribute more have a larger say

(short term)

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agreement between countries to encourage trade by reducing trade barriers (general agreement on tariffs and trade)

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the location at which the Bretton Woods system was formed to try and keep a stable economy through a stable monetary system

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the silk road was the first case when Europeans were exposed to eastern cultures and brought back knowledge from journeys

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Economic globalisation: the process through which countries economic systems become interconnected and reliant on each other

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a community lowers it’s unemployment ratio through newly founded jobs

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Sustainable prosperity: being able to maintain a state of wealth and peace for a long term basis

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there is no water in the Sahara desert and is hence scarce of water/ there is no raw petrol in Europe so countries look to others that do

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Scarcity: the availability of a certain or in this case the lack thereof

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China’s economy is growing as they are very prevalent on the world market and have a vast array of raw resources they can trade

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Economy: the amount of money or means of making wealth a country has available to its disposal.