Globalization... an overview

Specific rights Laws granting rights to one or more groups that are not extended to other groups.

Residual rights Rights that allow the stockholders to share the company's profits

An exogenous growth model Economic growth arises due to influences outside the economy

An endogenous growth model The activities within the economic system result in its creation

Intrinsic value When things have value or worth in themselves for some reason. It is valued for its own sake and not for what we can do with it.

Instrumental value Things that are valued because of its usefulness for some other purpose and for someone.

Anthropocentric Human beings are the central or most significant entities in the world

To endorse Declare one's public approval or support of.

To outsource Having certain job functions done outside a company instead of having an in-house department or employee handle them

Scarcity In short supply

Utilities Services that is used by the public, such as an electricity or gas supply or a train service

Network governance Interfirm coordination that is characterized by organic or informal social system

Acceleration Speeding up Increasing speed

Comparative advantage The ability to do a particular economic activity (such as making a specific product) more efficiently than another activity

Laissez-faire The policy of leaving things to take their own course, without interfering.

Competitive advantage When a firm can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation

Protectionism The theory of shielding a country's domestic industries from foreign competition by taxing imports

Tariff Tax or duty to be paid on imports or exports.

Productivity The effectiveness of productive effort

Trade commodities Raw material or agricultural product that you trade with

Primary products Goods that are available from cultivating raw materials without a manufacturing process.

Boom Expansion in economy. (högkonjunktur - hög aktivitet på marknaden, låg arbetslöshet)

Economic downturn A general slowdown in economic activity over a sustained period of time, the economy is going down

Terms of trade Handelsvillkor, the relative price of exports in terms of imports and is defined as the ratio of export prices to import prices.

Autarky Self-sufficiency, sort of independence (can produce all coconuts)

Domestic opportunity cost ratio Produce it on your own or what it would cost to import

Quotas The amount that is allowed to import/export = kvot

Low elasticity How the demand affects the price (low = affect barely)

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