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216 > economics > Flashcards

economics Flashcards

1
Q

What is internationalization?

A

International exchange of goods & services

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2
Q

What is the main indicator of economic INTERNATIONALIZATION?

A

trade/GDP ratio

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3
Q

What is economic globalization?

A

Global interconnectedness of activities

also: quantitative & qualitative!
hard def:
-not static
-spatial & temporal dimensions
-magnified local-global impacts

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4
Q

What are the 2 key phases of international trade

A

1500-1800 - Early commercial expansion (Europe)
1800-WW1 - Rise of colonial economy

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5
Q

3 Factors of production

A

LLK

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6
Q

What is an excludable good?

A

Limited access to good

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7
Q

What is a rivalrous good?

A

Finite availability

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8
Q

Two drivers of economic growth

A

New resources
Technological change

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9
Q

What is an adjustment measure for GDP

A

PPP

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10
Q

What is an alternative to GDP?

A

GNI
-incomes received rather than value of goods & servies
-remittance & aid
-large countries: similar to GDP

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11
Q

Name 3 alternate measures of development

A

HDI (human dev)
GNHI (happiness)
GPI (genuine progress)

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12
Q

What does the Gini coefficient assess?

A

income distribution

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13
Q

What does the Lorenz curve mean?

A

Income inequality.

Sharper curve = higher inequality

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14
Q

Key factors for industrial location

A

Access to inputs
Processing costs
Transfer costs
Institutional & cultural factors

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15
Q

2 key industrial regions in USA

A

Rust belt & Sun belt

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16
Q

2 Key slavic industrial regions

A

Russia & Ukraine

17
Q

4 Tigers

A

STHS
South Korea
Taiwan
Hong Kong
Singapore

18
Q

Who’s in the global triad?

A

USA, Europe, China

19
Q

Who are the 4 key Newly Industrialized Economies?

A

BRIC countries
Brazil
Russia
India
China

20
Q

Which countries have experienced the strongest trade growth?

A

BRICs

21
Q

What is the important micro-scale result of increased global trade?

A

World Cities

22
Q

Result of Canada-US auto pact (1965)?

A

eliminated trade tariffs on vehicles & parts

23
Q

2 Key economic sectors in Canada

A

Energy producst & Minerals

24
Q

What is meant by “feeding the dragon”?

A

China massive importer

25
Q

Why do countries trade?

A

Differences in factor endowments

26
Q

What is the key difference between absolute & comparative advantage?

A

Comparative considers opportunity cost

27
Q

What are Porter’s 4 pillars of competitive advantage?

A

Factor conditions (LLK)
Demand conditions
Supporting Industries
Firm strategy & structure

recall competitive diamond

216 (10 decks)

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