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MacrE Chp 10.3 -10.4

terms

QuestionAnswer
Catch-up The prediction that the level of GDP per capita (or income per capita) in poor countries will grow faster than in rich country.
Property Rights The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.
Rule of law The ability of a government to enforce the laws of the country, particularly with respect to protecting private property and enforcing contracts.
Foreign Direct Investment (FDI) The purchase by an individual or a firm of stocks or bonds issued in another country.
Globilization The process of countries becoming more open to foreign trade and investment.
Created by: ace100
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