SPECIFIC ECONOMIC VOCABULARY:
- benefit: vb: take advantage of; noun: advantage
- commodities: raw materials, the products of nature or
agriculture
- conference: congress, meeting
- corporation: company, firm
-
debt: owing money to another person or to a creditor. Verb: to be in debt.
- economic model: economic
system
-
globalization: establishing an integrated worldwide economic system
-
G8: The Group of Eight most important nations in the world's economy.
-
market economy: an economic system operating according to the natural forces of supply and
demand
-
products: manufactured goods
-
raw materials: natural,
unadapted substances, ingredients.
- services: transport,
communications, advice and financial
services
-
supply: vb: to provide, to offer; noun: the provision of goods and/or services (c.f
antonym:
demand)
-
trade union: labor union, organisation of workers
- trade: commerce
- wealth: richness, prosperity
-
World Trade Organisation: The international body whose job is
to establish rules for
international trade, and ensure that nations and corporations respect them. Critics
complain that
the WTO is manipulated in the interests of the rich nations and large multinational corporations.
The WTO has nothing to do with the World Trade Center, destroyed on September 11th 2001.
GENERAL WORD GUIDE:
- academics: specialists from
universities
-
achieve: reach, attain
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