WTOIn full WTO stands for World Trade Organization; it is an organization that deals with the global rules of trade that takes place between nations. Its main function is to ensure that trade flows as smoothly and freely as possible. WorkforceThis is a pool of labor in any form of employment. It is a term that is used to refer to the people who work for a single industry/company. Labor law We can also refer them as employment laws. They are a body of laws which addresses working people’s rights of, restrictions on as well as their organizations mediating any aspect of relationship between trade unions, employees and employers. General Agreement on Tariffs and Trade (GATT)This is an agreement that covers international trade in goods.
IMFInternational Monetary Fund is an organization that works towards fostering global monetary cooperation and secure financial stability. Gdp/capitaGDP stands for Gross Domestic Product which is the approximation of the value of goods that are produced per person in a given country equal to the country’s GDP and the divided by the total population in the country. It is most useful when comparing one country to another for it is a great indicator of a country’s economic performance. EmiratizationThis is the UAE government initiative seeking to employ its citizen in an efficient and meaningful manner in the private and private sector. European UnionThis is a political and economic union of 27 European countries; it operates on intergovernmental negotiated decisions by the very member states. Trade sanctionThis is a trade penalty imposed onto a nation by another or others. Poverty This is a situation where people cannot satisfy their basic needs leading to the deprivation of food, shelter, clothing and money.
According to the United Nations, it is a situation where people live under a dollar a day. Privatization This is the process of transferring ownership of a business or public service from the public sector or from state ownership to private sector. Import controlThis is an action taken by a government to limit the number of goods that can be brought from other countries with the purpose of selling. Quota systemLegislation aimed at limiting by nationality the number of people/immigrants who enter the U. every year. TaxationThis is the means by which a government finances their expenditure through the imposition of charges on citizens as well as the corporate entities. GratuityThis is the money given an in return is some service or favour in a particular. CopyrightThis is the exclusive legal right that is given to an originator so that he can print, publish, film, perform, or even record his work. PatentIt is the authority given to an individual or to an organization/inventor conferring a right or title so that they can be the sole right owners of the right to make, or sell their invention for a given period/years. Monetary systemThis is similarly like a medium of exchange; something that is generally acceptable as a standard value as well as a measure of wealth in a region or a country.