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Contemporary ni Ma'am Tadz > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Something we use everyday and we already have

A

Accumulate

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2
Q

-culture is transferred
-increasing interdependence of world economies as a result of the growing scale of cross-boarder trade of commodities and services, flow of international capital and wide and rapid spread of technologies
-borderless
-have their own culture

A

Economic Globalization

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3
Q

What are the interconnected Dimension of Economic Globalizaation?

A

Capital
Goods and Services
Communication and Technology
Market Exchange

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4
Q

It is the total assets a company needs to stay solvent. A company’s capital assets are significant because organizations use capital assets to create wealth

A

Capital

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5
Q

Advances in communication and technology has allowed the integration of economies worldwide through increases its trade. Investment flows and technology transfer.

A

Communication and Technology

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6
Q

It is economic system in which goods and services are produced, distributed and exchanged by the price, supply, and demand

A

Market Exchange

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7
Q

are tangible objects that satisfy people’s wants.

A

Goods

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8
Q

are actions, such as haircuts and car repair, which also satisfy people’s want

A

Services

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9
Q

Refers to government policies that restrict international trade by imposing tariffs, quotas, product standards, and subsidies

A

Protectionism

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10
Q

What are the reasons for implementation of strict policies?

A

-Improve domestic economy by forcing its citizen either direct or indirect to purchase local products instead of imported products
-For safety and quality concerns of both imported and exported products

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11
Q

These are the charges to importing countries in the form of either money or goods that will serve as a payment for allowing its international products to be sold in the local market

A

Tariffs

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12
Q

This is a kind of tariffs that lessen the number of products that can be imported for a certain period of time. It helps the government protects its domestic businesses by allowing its local businesses to cover the shortfall of certain products.

A

Import quotas

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13
Q

Barrier that imposes strict standards in imported products which may make it difficult for different importing countries to bring their goods in the local market.

A

Product standards

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14
Q

Advantages of Protectionism

A
  • increase government revenues
  • protect domestic product
  • encourage exportation of national products
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15
Q

Disadvantage of Protectionism

A

Exportation of each other products that may result in less profit

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16
Q

Process of removing or reducing the barriers or restriction in the exchange for goods between and among nations. It reduces the cost of goods sold by the importing countries

A

Trade Liberalization

17
Q

Advantages of Trade Liberalization

A

a. free trade between and among countries
b. promote efficient use and allocation of world resource
c. increase capital flow
d. allow developing countries access to the heavily protected markets
e. lead to higher efficiency of products
f. attract foreign investment

18
Q

Disadvantages of Trade Liberalization

A

a. affect local businesses and their domestic product
b. possible risk may be experienced if the products from other countries have lower environmental standard
c. developing nations may be threatened to back out in the global market
d. countries with lower educational standards may struggle to adapt to changing economic environment
e. Can exploit the natural resources due to competition and shallow environmental policies
f. can lead to structured unemployment

19
Q

They find cheapest place to buy

A

Consumers

20
Q

They search for the cheapest place to manufacture

A

Companies

21
Q

They produce the cheapest products

A

Countries

22
Q

Defines the term economic integration as the discriminatory removal of all trade impediments between atleast two participating countries and the establishment of certain elements of coordination and cooperation between them

A

El-Agraa (1998)

23
Q

Level of Economic Integration

A

Preferential trading area

24
Q

Allow member countries to have access to some of their products. Tariffs are not eliminated but lessened.

A

Preferential trading areas

25
Q

Aimed to reduce the tariff significantly between or among partnered countries.

A

Free trade

26
Q

Aims to reduce and abolish the tariff but it differs from free trade as the member country has common external tariffs among member countries

A

Custom union

27
Q

-all about progress, development, and stability
-process of the world
-onset of the borderless world

A

Globalization

28
Q

limit in movement

A

Solid barrier

29
Q

increase of movement

A

liquidity

30
Q

movement of sources

A

Flow

31
Q

Who said that every human being wanted to have a better life

A

Chanda (2007)

32
Q

There are ways of (it moves forward)

A

Epochs

33
Q

Why does Spain and Philippines calls money as Peso?

A

Philippines are colonized by Spain

34
Q

People against movement (criticism in globalization)

A

rejection

35
Q

This is not prominent

A

modifiers

36
Q

It is an integration by which member countries are able to move their capital and services within their organization. This leads to expansion of scale economies and maximization of comparative advantages

A

Common market

37
Q

-Usually called as a single market
-Tariffs are eliminated within the member countries by which they are able to exercise free trade between and among countries

A

Economic union

38
Q

It is a form of integration wherein member countries abide by the rules presented by a common government in which the member country’s sovereignty is reduced significantly

A

Political union

Contemporary ni Ma'am Tadz (1 decks)

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