Explain the following:

The contemporary world is an ever-changing mix of social and political changes. While religious, political, and ethnic conflicts
continue, we are currently living in one of the most peaceful eras in the history of the planet. Challenges of the 21st century
include emerging technologies, health care, overpopulation, climate change, poverty, illiteracy, disease, and migration. How we
choose to deal with these emerging frontiers will shape this unit for future generations.

- The Contemporary World - ideas of the present age. Modern times like the past and future way of life.
- Contemporary World – circumstances and ideas of the present age. Considering the past and modern.

Deregulation is the reduction or elimination of government power in a particular industry, usually enacted to create more
competition within the industry.
- Deregulation is the process of removing or reducing state regulations, typically in the economic sphere.

Economic integration is an arrangement among nations that typically includes the reduction or elimination of trade barriers and
the coordination of monetary and fiscal policies. Economic integration aims to reduce costs for both consumers and producers and
to increase trade between the countries involved in the agreement.
- Fiscal Policies – use of government revenue collection (taxes) and expenditure (spending) to influence a economy.
- Economic integration is the unification of economic policies between different states, through the partial or full abolition
of tariff and non-tariff restrictions on trade.
- Economic integration, process in which two or more states in a broadly defined geographic area reduce a range of trade
barriers to advance or protect a set of economic goals.

First World Countries - referred to a country that was aligned with the United States and other western nations in opposition to
the former-Soviet Union and its allies.
- First-world countries have stable democracies and are characterized by the rule of law, a capitalist economy, and a high
standard of living.
- It was earlier used to refer to countries that were aligned with the United States and other western nations in opposition
to the former Soviet Union.
- Some argue that the concept of dividing nations into three worlds represents an antiquated perspective.
- In common usage, as per Merriam-Webster, "first world" now typically refers to "the highly developed industrialized
nations often considered the westernized countries of the world"
- The term "First World" refers to so called developed, capitalist, industrial countries, roughly, a bloc of countries aligned
with the United States after World War II, with more or less common political and economic interests: North America,
Western Europe, Japan and Australia.

Free trade is a trade policy that does not restrict imports or exports; it can also be understood as the free market idea applied
to international trade.
- Free trade is a largely theoretical policy under which governments impose absolutely no tariffs, taxes, or duties on
imports, or quotas on exports.
- Free trade, also called laissez-faire, a policy by which a government does not discriminate against imports or interfere
with exports by applying tariffs (to imports) or subsidies (to exports). A free-trade policy does not necessarily imply,
however, that a country abandons all control and taxation of imports and exports.

Global Corporation or Global Company is generally referred to as a multinational corporation (MNC). An MNC is a company
that operates in two or more countries, leveraging the global environment to approach varying markets in attaining revenue
generation. These international operations are pursued as a result of the strategic potential provided by technological
developments, making new markets a more convenient and profitable pursuit both in sourcing production and pursuing growth.
- A global corporation, also known as a global company, is coined from the base term ‘global’, which means all around
the world. It makes sense to assume that a global company is a company that does business all over the world.
- The global company definition, therefore, should be a little more lenient to accommodate this fact, which would enable
more companies to call themselves global companies.

Global Demography - is the study of a population based on factors such as age, race, and sex. Governments, corporations, and
nongovernment organizations use demographics to learn more about a population's characteristics for many purposes, including
policy development and economic market research.
- Demographics is the collection and analysis of broad characteristics about groups of people and populations.
- The combination of the internet, big data, and artificial intelligence is greatly amplifying the usefulness and application
of demographics as a tool for marketing and business strategy.
Global Migration – a situation in which people go to live in foreign countries, especially in order to find work.
- Movement of people from one place to another with the intentions of settling, permanently or temporarily at a new
location (geographic region). The movement is often over long distances and from one country to another, but internal
migration is also possible; indeed, this is the dominant form globally.
Global Mobility - is a HR (Human Resources) function that refers to a multinational corporation’s ability to move its people to
offices in different countries. When an employee is asked to move abroad as part of their job, this is called an International
Assignment.
- They are sending an increasing number of people abroad, in a wider variety of roles, for many reasons: to prepare for and
respond to opportunities in global production; to promote research, development, and innovation; and to improve
customer sales, service, and growth.

Glocalization - is a combination of the words "globalization" and "localization." The term is used to describe a product or service
that is developed and distributed globally but is also adjusted to accommodate the user or consumer in a local market.
- It is the "simultaneous occurrence of both universalizing and particularizing tendencies in contemporary social, political,
and economic systems."
- Glocalization is the concept that in a global market, a product or service is more likely to succeed when it is customized
for the locality or culture in which it is sold.

Market integration occurs when prices among different locations or related goods follow similar patterns over a long period of
time.
- Market Integration is a situation in which separate markets for the same product become one single market, for example
when an import tax in one of the market is removed.

World-System is a socioeconomic system, under systems theory, that encompasses part or all of the globe, detailing the
aggregate structural result of the sum of the interactions between polities. World-systems are usually larger than single states, but
do not have to be global.
- The modern world-system has a multi-state political structure (the interstate system) and therefore its division of labor
is international division of labor. In the modern world-system, the division of labor consists of three zones according to
the prevalence of profitable industries or activities: core, semiperiphery, and periphery.

Privatization describes the process by which a piece of property or business goes from being government owned to being
privately owned.
- Privatization can mean different things including moving something from the public sector into the private sector. It is
also sometimes used as a synonym for deregulation when a heavily regulated private company or industry becomes less
regulated.
- Another definition is the purchase of all outstanding shares of a publicly traded company by private investors, or the sale
of a state-owned enterprise or municipally owned corporation to private investors.
- Privatization, transfer of government services or assets to the private sector. State-owned assets may be sold to private
owners, or statutory restrictions on competition between privately and publicly owned enterprises may be lifted.

The "second world" includes countries that were once controlled by the Soviet Union. Second world countries were centrally
planned economies and one-party states. Notably, the use of the term "second world" to refer to Soviet countries largely fell out
of use in the early 1990s, shortly after the end of the Cold War.
- "Second World" refers to the former communist-socialist, industrial states, (formerly the Eastern bloc, the territory and
sphere of influence of the Union of Soviet Socialists Republic) today: Russia, Eastern Europe (e.g., Poland) and some of
the Turk States (e.g., Kazakhstan) as well as China.

Sustainable development is the organizing principle for meeting human development goals while simultaneously sustaining the
ability of natural systems to provide the natural resources and ecosystem services upon which the economy and society depend.
The desired result is a state of society where living conditions and resources are used to continue to meet human needs without
undermining the integrity and stability of the natural system. Sustainable development can be defined as development that meets
the needs of the present without compromising the ability of future generations.

"Third World" is a phrase frequently used to describe a developing nation. Despite its current usage, the phrase emerged during
the Cold War to identify countries whose views did not align with NATO and capitalism or the Soviet Union and communism.
- A Third World country is a developing nation characterized by poverty and a low standard of living for much of its
population.
 - "Third World" are all the other countries, today often used to roughly describe the developing countries of Africa, Asia
and Latin America.

The United Nations (UN) is an international organization formed in 1945 to increase political and economic cooperation among
its member countries.
- The United Nations (UN) is an intergovernmental organization tasked with maintaining international peace and security,
developing friendly relations among nations, achieving international co-operation, and being a centre for harmonizing
the actions of nations.

Define the following terms:

Capitalist - a wealthy person who uses money to invest in trade and industry for profit in accordance with the principles of
capitalism.
- a person who has capital especially invested in business

Corporation - a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
- A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and
responsibilities that individuals possess: they can enter contracts, loan and borrow money, sue and be sued, hire
employees, own assets and pay taxes. Some refer to it as a "legal person."

Culture - the arts and other manifestations of human intellectual achievement regarded collectively.
- The customs, arts, social institutions, and achievements of a particular nation, people, or other social group.
- is an umbrella term which encompasses the social behavior, and norms found in human societies, as well as the
knowledge, beliefs, arts, laws, customs, capabilities and habits of the individuals in these groups

Domestic - existing or occurring inside a particular country; not foreign or international

- living near or about human habitations
- of, relating to, or originating within a country and especially one's own country

Exporting - send (goods or services) to another country for sale

- An export is a function of international trade whereby goods produced in one country are shipped to another country for
future sale or trade.

Feudalism - Broadly defined, it was a way of structuring society around relationships derived from the holding of land in exchange
for service or labour

Free Trade - international trade left to its natural course without tariffs, quotas, or other restrictions
- Free trade is the idea that things should be able to be traded between countries with as few restrictions or limitations as
possible

GDP - Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within
a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive
scorecard of the country’s economic health.

GNP - Gross national product (GNP) is an estimate of total value of all the final products and services turned out in a given period
by the means of production owned by a country's residents. GNP is commonly calculated by taking the sum of personal
consumption expenditures, private domestic investment, government expenditure, net exports and any income earned by residents
from overseas investments, minus income earned within the domestic economy by foreign residents.

Ideology - a system of ideas and ideals, especially one which forms the basis of economic or political theory and policy
- is a set of normative beliefs and values that a person or other entity has for non-epistemic reasons.[1] These rely on basic
assumptions about reality that may or may not have any factual basis.

Imperialism - a policy of extending a country's power and influence through diplomacy or military force
- state policy, practice, or advocacy of extending power and dominion, especially by direct territorial acquisition or by
gaining political and economic control of other areas
- is a policy or ideology of extending a nation's rule over foreign nations, often by military force or by gaining political
and economic control of other areas
Importing - bring (goods or services) into a country from abroad for sale.
- An import is a good or service brought into one country from another. The word "import" derives from the word "port"
since goods are often shipped via boat to foreign countries

Liberalism - is a political and moral philosophy based on liberty, consent of the governed, and equality before the law
- political doctrine that takes protecting and enhancing the freedom of the individual to be the central problem of politics

Localization - the process of making something local in character or restricting it to a particular place.
- It is the adaptation of a product or service to meet the needs of a particular language, culture or desired population's
"look-and-feel."

Media - the main means of mass communication (broadcasting, publishing, and the Internet) regarded collectively.

Migration - is the movement of either people or animals from one area to another.

Mobility -the ability to move between different levels in society or employment.

- The ability to move or be moved freely and easily.

Outsourcing - obtain (goods or a service) from an outside or foreign supplier, especially in place of an internal source
- Outsourcing is the business practice of hiring a party outside a company to perform services and create goods that
traditionally were performed in-house by the company's own employees and staff.

Philosophy - the study of the fundamental nature of knowledge, reality, and existence, especially when considered as an academic
discipline.
- is the study of general and fundamental questions[5][6][7] about existence, knowledge, values, reason, mind,
and language.

Rationalization - the action of making a company, process, or industry more efficient, especially by dispensing with superfluous
personnel or equipment.
- Rationalization is a reorganization of a company in order to increase its operating efficiency.

Regionalization - The process of dividing an area into smaller segments called regions. One of the more obvious examples of
regionalization is the division of a nation into states or provinces. Businesses also use regionalization as a management tool and
a way to make certain that needs unique to particular areas are met.
- the way that an area of the world containing several countries becomes more economically or politically important than
the particular countries within that area

Socialism - a political and economic theory of social organization which advocates that the means of production, distribution, and
exchange should be owned or regulated by the community as a whole.
- Socialism is a populist economic and political system based on public ownership (also known as collective or common
ownership) of the means of production.

Stability - the state of being stable

Sustainability - the ability to be maintained at a certain rate or level.

- Sustainability focuses on meeting the needs of the present without compromising the ability of future generations to meet
their needs

Tariffs - a tax or duty to be paid on a particular class of imports or exports

- A tariff is a tax imposed by one country on the goods and services imported from another country.

Theories - a supposition or a system of ideas intended to explain something, especially one based on general principles
independent of the thing to be explained
- is a contemplative and rational type of abstract or generalizing thinking about a phenomenon, or the results of such
thinking

Trading - Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by
a buyer to a seller, or the exchange of goods or services between parties.
- the action of engaging in trade.