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MBA > Government, Trade, and Development and Macroeconomics introduction > Flashcards

Government, Trade, and Development and Macroeconomics introduction Flashcards

1
Q

What is one of the biggest influencers on the economic portion of the macroenvironmental environment

A

The global trading system

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2
Q

What is one of the biggest political influencers on the macroenvironment?

A

more and more IGO’s with record membership

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3
Q

what are some cultural influences on the macroenviornment?

A

Sports, music, movies, fashion

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4
Q

what are some technological influences on the macroenviornment

A

connectivity and access

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5
Q

what are some demographic influences on the macroenvironment

A

aging and urbanization

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6
Q

why do governments intervene in the macroenvironment

A

Political reasons - diplomacy, national security, retaliation, consumer protection

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7
Q

what is “national competitive advantage”

A

Factor endowments,
demand conditions,
related and supporting industries,
firm strategy and structure,
rivalry

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8
Q

What are factor endowments

A

land, labor, capital, workforce, infrastructure

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9
Q

what are demand conditions

A

large, sophisticated domestic consumer base: innovation friendly environments with a testing ground

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10
Q

what are related and supporting industries

A

local suppliers cluster around producers and add to innovation

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11
Q

firm strategy, structure, rivalry

A

robust competition - national governments can create conditions which facilitate and nurture such conditions

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12
Q

How can governments intervene?

A

Trade Policy - tariffs, subsidies, import quotas, voluntary export restraints, local content requirements, anti-dumping policies, administrative policies

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13
Q

What are tariffs

A

taxes levied on imports

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14
Q

what are subsidies

A

government payments to domestic producers - cash grants, low-interest loans, tax breaks, government orders

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15
Q

what are import quotas

A

government specifies how much of what product can be imported from which countries

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16
Q

voluntary export restraints

A

a quota imposed by the exporting country officially or unofficially

17
Q

what are local content requirements

A

some percentage of a good has to be produced domestically with local raw materials and local labor

18
Q

what are anti-dumping policies

A

punishment for producers who dump and protect domestic producers

19
Q

what are regional economic integration

A

agreements Among geographically proximate countries to reduce/remove tariff and non-tarifff barriers to free flow goods, services, and production

20
Q

What are the levels of economic integration

A

free trade area (FTA)
costume union (CU): FTA+
common market (CM): CU+
economic Union (EU): CM+
Political Union: EU+

21
Q

issues with regional integration

A

Economic enhancement of member states
political issues

Can be painful to the economy and national sovereignty

22
Q

What is the difference between macro and micro economics

A

Macro - ENVIRONMENT
Micro - ECONOMY

23
Q

What are cyclical vs Trend movements

A

Cyclical: peaks and troughs
Trend movements: trends from peak to peak and trough to trough

24
Q

What do they call the top of a peak to the borrom of a trough

A

a contraction

25
Q

what do they call the bottom of a trough to the top of the peak

A

an expansion

26
Q

Economic conditions can be described in two ways, what are they

A

Tight or Slack - Labor Market
Overheated / underperforming - economy

27
Q

What are the two cyclical economical policies

A

Monetary policy and fiscal policy

28
Q

what is monetary policy

A

changes by the federal reserve bank to interest rates that cause an impact on the economy

29
Q

what is fiscal policy

A

changes in taxes or government spending aimed at impacting the economy

30
Q

what is the difference between nominal and real

A

real is nominal adjusted for inflation

31
Q

What is GDP

A

quantity of goods/services sold during a period of time, that were produced in the same period

32
Q

What are components of Aggregate Demand?

A

GDP = Consumption (largest) + Investment (house and business loans) + Government Spending + Net Exports

33
Q

What is inflation

A

increase in the general cost of living

34
Q

what is overall inflation

A

all inflation of all goods/services

35
Q

what is core inflation

A

Overall inflation minus food and energy

36
Q

What are some of the key price indices

A

CPI - volatile
PCE - more accurate, less volatile
GDP Deflator
PPI - inflation for businesses

37
Q

What is stagflation

A

high inflation and high unemployment

38
Q

What is ProMBA 24’s “Big 5”

A

Real GDP, PCE, Unemployment Rate, RFI, CapU

39
Q
A

MBA (55 decks)

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