Global Economy
What is Absolute Advantage?
when one country can produce a good with less resources
What were the Neutrality Acts?
a series of laws designed to prevent the United States from being dragged into any foreign war (World War II)
What are international organizations?
governments or people from different countries working together to solve an issue that crosses country borders
What year was Tabasco sauce first produced?
1868
What is Comparative Advantage?
When one country can produce goods at a lower cost
What is interventionism?
What are the differences between intergovernmental and nongovernmental organizations?
Intergovernmental organizations are based on formal agreements between three or more countries while nongovernmental organizations are not formally connected to a specific government.
What type of lettuce should be used in a classic caesar salad?
romaine
What is a tariff?
a tax on imported goods
What are the different types of interventionism?
military
economic
humanitarian
covert
What is the United Nations?
an intergovernmental organization created after WWII with the goal of keeping peace, developing friendly relationships among countries, and improving the quality of life for the world's poor people
What country is home to the komodo dragon?
Indonesia
What was the purpose of NAFTA?
to make more trade happen, encourage economic growth
Why did people criticize interventionism?
not politically or morally right to interfere in another country's affairs
one country has no authority over the citizens of another country
What is NATO?
an intergovernmental organization created to protect each other in case of an attack
Which city is known as the Windy City?
Chicago
How did NAFTA benefit and hurt Americans?
benefit - expanded exports and free trade
hurt - cheaper goods from Mexico and Canada led to American businesses losing money and closing down
Why was George Washington against foreign alliances?
they would lead to unnecessary wars
What were the six international organizations that you researched today?
1. United Nations
2. NATO
3. The European Union (EU)
4. The World Health Organization (WHO)
5. Red Cross/Red Crescent
6. The World Bank
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