The Term Global Commons Refers to

question 85

Multiple Choice

The term global commons refers to

• A) social norms and values that are common across the globe.
• B) a group of nations that share similar ideologies on globalization.
• C) natural resources from which everyone benefits but for which no one is specifically responsible.
• D) common laws to be obeyed by companies involved in international business.
• E) arrangements, like common currencies, between countries to simplify international trading.

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Definitions:

Communist Central Planning

An economic system where all major production decisions are made by the government, with an aim of allocating resources according to a comprehensive plan.

Entrepreneurs

Individuals who start and run businesses, taking on financial risks in the hope of profit.

Circular Flow Model

An economic model that depicts how money and goods move through different sectors in an economy, including households, businesses, and governments.