Quiz 1 Chapters 1-3 Flashcards
What is Globalization
A shift towards a more integrated and interdependent world economy
What are the 3 facets of globalization
- GBZN OF MARKETS
- falling cross border trade barriers
- Standardized products create global market
- GBZN OF PRODUCTIONS
- more efficient product offering
- sourcing goods becomes easier/advantageous
- GBZN OF consumers
- ability to purchase goods across the world
Shared interestes
Name the big 4 global institutions
- UNITED NATIONS
- WORLD TRADE ORGANIZATION
- INTERNATIONAL MONETARY FUND
- WORLD BANK
What does the world bank do?
INTERNATIONAL INSTITUTION FOUNDED TO HELP OUT POORER COUNTRIES
WHAT IS WTO
policies of the world trade system to ensure that countries are complying with the rules laid down in rare treaties
what does the united nations do
International organizations made up of 193 countries formed in 1945 to promote peace and security
WHAT IS FDI( foreign direct investment)
When another country becomes financially involved with a country to help their economy in return for something
What is IMF
international institution that maintains and governs the arrangements of international exchange rates
What is GATT
General agreement on trade and tarrifs: an agreement signed to lower the trade barriers on the free flow of goods across borders
2# What is collectivism
Collective based political system ie communism socialism etc
2# What is command economy
Economic system where allocations of resources including deter,Insteon of what goods and services should be produced and in what quantity is planned by gov
Communism vs socialism
Communists have absolute control, socialism, is democratically elected
What are the demands of democracy (6)
Freedom of expression
Free media
Regular elections
Limited terms for reps
Fair court systems
Non political police/military
GNI?
Gross national income
Total income of all citizens in a country
HDI?
Human development index:
- gauges a country’s development
- life expectancy
Education attainment
Avg income
Cost of living