LESSON 3

Question 1

refers to the increasing interdependence of world economists due to the growing scale of cross-border trade of commodities and services, flow of capital, and rapid spread of technologies

Answer 1

The Global economy

Question 2

_______- total countries in the world According to Slim, Economic Globalization is the increasing interdependence of economic activities that also accelerates flows in terms of economics.

Answer 2

197

Question 3

Increasing interdependence; __________

Answer 3

accelerating flows

Question 4

________________; reminiscent of Wallerstein’s world capitalist system (core, semi-periphery, and states)-oligarch can be very assertive,

Answer 4

Political Economy of globalization (benczes)

Question 5

Internationalism and nationalism

Answer 5

The Global economY

Question 6

Four factors of production:

Answer 6

LAND
LABOR
CAPITAL
ENTREPRENEURSHIP

Question 7

Refers not only to vast areas of __________ but all natural resources found on the planet to help make goods and services. This could be fertile land, oil extracted, water, and timber.

Answer 7

land

Question 8

is the actual physical effort we put into making goods or providing services. A nurse helping a patient, a mechanic repairing your car, or a teacher teaching or guiding students.

Answer 8

Labor

Question 9

refers to any human-created resource that is used to produce other goods.

Answer 9

Capital

Question 10

2 types of capital

Answer 10

physical capital
Human capital

Question 11

Ex. A tractor is a ____________because. It helps the farmer plow fields to produce crops.

Answer 11

physical capital

Question 12

is the knowledge and skills a person gains through both education and experience. An engineer knows how to construct a building because he has been educated well in his craft as an engineer.

Answer 12

Human capital

Question 13

is the process of launching and running a business in order to make money. They create new ideas, and sometimes even create new markets and industries to make a profit. They also manage Land, Labor, and capital. Entrepreneurship are the brain, the mover of all productions.

Answer 13

Entrepreneurship

Question 14

Three TYPES OF economic RESOURCES-means through which goods and services are produced

Answer 14

1. NATURAL
2. HUMAN
3. CAPITAL

Question 15

raw materials supplied by nature.

Answer 15

NATURAL

Question 16

people who produce goods and services.

Answer 16

Human

Question 17

Money, products, and supplies used in the production of goods/services.

Answer 17

Capital

Question 18

3 ECONOMIC SYSTEMS

Answer 18

1. CAPITALISM
2. COMMUNISM
3. SOCIALISM

Question 19

free trade, free economy where there is economic freedom, competition, profit motives

Answer 19

Capitalism

Question 20

there is central control/central government, the government provides all the needs of the people and thus owns everything

Answer 20

Communism

Question 21

a combination of socialism and capitalism system where the major and minor business and trade are controlled both by the government and the people.

Answer 21

Socialism

Question 22

2 different types of economies associated with economic globalization.

Answer 22

1.Protectionism(mercantilism)
2. Trade Liberalization or Free Trade or what we call it International Trade

Question 23

_____________–mercantilist era in the 16th-17th century)- it means ‘’a political and economic policy where the concept of exporting more and importing less as advocated by Thomas Mun. This usually comes in the form of quotes and tariffs.

Answer 23

Protectionism(mercantilism)

Question 24

is the theory or practice of shielding a country’s domestic industries from foreign competition by taxing imports.

Answer 24

Protectionism

Question 25

required fees on import and export and usually impose high or exorbitant taxes. TODAY Until today, Protectionism existed to countries like: - China, Japan, USA

Answer 25

Tariffs

Question 26

as economists call it where countries skip straight to more efficient and cost-effective technology. New opportunities for people to sell their products stand labor in a global marketplace.

Answer 26

Leapfrogging

Question 27

is defined by the International Fair Trade Association (IFTA) is the concern for the social, economic, and environmental well-being of marginalized small producers. Aims:

Answer 27

Fair Trade

Question 28

Example: Starbucks coffee chains and Dunkin’ Donuts gain profit all over the globe and so with the counties that supply coffee and sugar to these companies (equitable give and take effect).

Answer 28

Fair Trade

Question 29

Fair Trade Aims:

Answer 29

-More moral and equitable global economic system -Protection of workers and Producers -Establishment of just prices -Sustainability of production -Creation of good trade relationships between producers and consumers -Promoting safe working conditions/environment