unit 3 vocab quiz 3

Question 1

regions that have achieved high levels of socioeconomic prosperity and are dominant players in the global economy. most developed

Answer 1

core

Question 2

more powerful and developed than the peripheral regions but still dominated by core.

Answer 2

semi periphery

Question 3

poor regions that are dependent on core countries. don’t have much control over their own affairs

Answer 3

periphery

Question 4

a set of processes that are increasing interactions, deepening relationships, and heightening independence

Answer 4

globalization

Question 5

the ability of an individual or group to carry out an economic activity more efficiently than another activity

Answer 5

comparative advantage

Question 6

trade when both parties have goods and services the other party desires

Answer 6

complimentary

Question 7

a philosophy that promotes free markets, deregulation, and privatization, with little to no government intervention in the economy

Answer 7

neoliberal

Question 8

interconnected systems that facilitate the movement of people, goods, information, and ideas across different places

Answer 8

networks

Question 9

the concept where multiple countries form an alliance or organization to achieve common goals and cooperate on issues, often sacrificing some degree of sovereignty.

Answer 9

supranationalism

Question 10

large companies that operate in multiple countries. such as mcdonald’s or apple

Answer 10

transnational corporations

Question 11

the economic cost advantages that businesses obtain due to their scale of operation. when production sales increase, cost decrease

Answer 11

economies of scale

Question 12

when business control like businesses at the same point on the commodity chain (gap owns old navy and banana republic)

Answer 12

horizontal integration

Question 13

when a company controls multiple stages of production along the commodity chain. gives business control of the supply chain and cuts out the middle man

Answer 13

vertical integration

Question 14

political and economic union of european countries that have agreed to work together on various issues including trade and goods moving easier between member countries

Answer 14

european union (EU)

Question 15

an international organization that regulates and facilitates international trade between nations

Answer 15

world trade organization

Question 16

an economic and political bloc aimed to promote free trade and the fluid movement of goods, people, and currency along member countries (argentina, brazil, paraguay, uruguay, and venezuela)

Answer 16

mercosur

Question 17

an intergovernmental organization for oil producing nations that coordinate and unify its members petroleum policies in order to stabilize oil markets

Answer 17

OPEC

Question 18

an international organization that aims to promote global economic stability and growth. It provides financial assistance and advice to member countries facing economic difficulties

Answer 18

international monetary fund

Question 19

when a country is so in debt that it cant repay their loans without further borrowing from lenders

Answer 19

debt trap

Question 20

a system of mass production that involves the use of assembly lines, standardized products, and specialized labor to achieve high efficiency and productivity in manufacturing

Answer 20

fordist