unit 3 vocab quiz 3 Flashcards
core
regions that have achieved high levels of social economic prosperity and are dominate players
semi periphery
more powerful than the peripheral regions but still dominated by the core
periphery
poor regions that are dependent on the core and do not have much control (bullied)
comparative advantage
someone should can produce a good or service at a lower cost than others, even if they’re not the best at it
complimentary
type of trade exist when both parties have good and services the other party desires
neo liberal
a political and economic philosophy that emphasizes free trade, deregulation, and globalization, and a reduction in government spending
networks
a set of interconnected nodes (transportation, communication, trade, social media, beliefs, values, networks)
ex: SEC football
superanationalism
multiple comities form a organization that collectively echoes greater benefit of all members
transnational corporations
companies that conduct business on a global scale, which has weekend sovereignty (sovereignty is supreme power of authority)
economics of scale
when transnational corporations produce on such a large scale they take advantage economics scale (proportion saving in cost gained by level of production)
horizontal integration
when business control multiple steps along the commodity chain (companies related in the same industries)
ex: gift cards with multiple store on them
vertical intergration
when businesses control multiple steps along the commodity chain
ex: tesla creates tech, produce cars, making my own batteries, and selling cars.
european union
lowers barriers to trade and travel in europe
world trade organization
works to negotiate rules of trade among the member states (promotes free trade member governments to try and sort out the trade problems they face with each other)
mercosur
a regional trade bloc in south america established in 1991 to promote free trade and economic integration among its member countries
