Economic Institutions (Grade 10 NSC Matric Economics): Flashcards
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Protection in limited liability companies
Protection in limited liability companies
Can only lose invested amount; personal assets protected
Insolvent meaning
Insolvent meaning
Unable to pay debts
Multinational companies definition
Multinational companies definition
Large corporations operating in multiple countries
Why labour unions formed
Why labour unions formed
Improve poor working conditions & negotiate better wages
Early industrialisation working conditions
Early industrialisation working conditions
Long hours, dangerous environments, low wages
Globalisation definition
Globalisation definition
Free movement of goods, money, and knowledge between countries
Trade challenge for developing countries
Trade challenge for developing countries
Export cheap raw materials, import expensive finished goods
Value gap in trade
Value gap in trade
Raw materials worth much less than finished goods
WTO establishment year
WTO establishment year
1994
Dumping in international trade
Dumping in international trade
Selling subsidised products at very low prices in poor countries