Global Studies Flashcards
Economics
Stock markets because you invest money
Interdependence
South America and Africa bringing Cacao beans to manufacturing plants
Opportunity cost
You spend time and money going to a movie, you can’t spend that time at home reading a book
Scarcity
The Aral Sea is losing water, leading it to shrink
Market
Target is a market, you can purchase items
Natual resources
Animals
Capital resources
Machines and tools
Human resources
Plummer
Productive resources
Human resources
Productivity
Quotas
Supply and Demand
Supply is up, demand is down price goes down, Supply is down, demand is up, price will go up
Specialization
A math teacher because they are a teacher that teaches a specific subject
What determines the price of a product?
Supply and demand
How does competition affect the prices of products?
They can be cheaper and better, so people buy. But vice versa will not work, because it is more expensive and worse
What types of regulations does the government place on companies?
Standards that should be met, such as food should be gone bad and make sure that most people should afford it
What is a global supply chain?
The supply chain are the stopd the product goes through where it was manufactured or grown to the price where it is sold
Explain the difference between small businesses and corporations
Most small businesses are locally sourced and have fewer stores. Corporations have more stores and plants and are not locally sourced
What is the market cycle?
One product being made then traded with another good or service and so on
How are productivity and innovations connected?
Innovation drives productivity and productivity drives good results
What does the government regulate?
To stop corrupt debilitating profits
What is the difference between the federal deficit and federal debt?
Deficit is the money owed from one year and debt is the money from all the years
What leads to recession?
Loss i consumer confidence, high interest rates, a stock market crash, and asset bubbles bursting
Why do companies issue stocks?
To help raise money for the company
What does a stock represent?
Taking a share of the company
What determines the price of a stock in the market
SUPPLY AND DEMAND
What are two arguments for raising the minimum wage?
1) It helps pay bills
2) It helps teens to be able to not take out loans
What are two arguments for raising the minimum wage?
1) The minimum wage has already been raised 22 times
2) It’s too costly for companies
Examples of socialism
Sweden, Norway
Examples of communism
The soviet union, North Korea
What are the benefits of globalization?
Countries like China is out of poverty
What are the downfalls of globalization?
International trading is now the overconsumption of natural resources
Traditional
There is less variety and it is centered around certain ethnics, tribes, etc. Choices are determined by the enviorment
Command
Closer to a dictatorship. Individuals have little say in economic decisions as well is no competition. There is a certain way to do things
Market
This is more lenient. There is no government which means you can sell anything. There is a lot of competition. There is a lot of variety.
Mixed
This combines elements from market and command. Individuals have a share in economic decisions. There is a government that regulates things
Traditional economy
Good Bad
1) High quality 1) Not a lot of variety
2) Locally sources 2) No technology
Command economy
Good Bad
1) everything is equal 1) Too much control
2) Government sets price 2) No Variety
Market economy
Good Bad
1) More profit 1) too much competition
2) Independent 2) No regulations
Mixed economy
Good Bad
1) More variety 1) Constant argument on
setting regulations
2) Good rules from all systems 2) Taxes
