Globalization
Protectionism
Exchange
Important Information
Globalization Continued
100
In economics a shift to a more integrated and interdependent world economy.
What is globalization?
100
Government policies of protecting domestic industries through the use of taxes and programs.
What is protectionism?
100
Money that is no longer backed by gold or any other material.
What is fiat money?
100
A cost of an action.
What is opportunity cost?
100
The term means hands off by the government.
What is laissez-faire?
200
This famous war completely opened the door to globalization that the United States would never be able to close again.
What is World War II?
200
An imposed tax on an imported good.
What is a tariff?
200
Places by which currencies are traded and the value of one country's currency is established in terms of other currencies.
What are foreign exchange markets?
200
The cost of currency in terms of another country's currency.
What is exchange rate?
200
Countries that participate in NAFTA.
What are the countries of USA, Mexico, and Canada?
300
Its job of lowering trade barriers, promoting free trade, and reducing protectionism.
What is the World Trade Organization?
300
A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction.
What are subsidies?
300
When a currency decreases in value compared to other world currencies.
What is depreciates?
300
The ability of a nation to produce more of good or service than another nation.
What is absolute advantage?
300
A business that takes a global approach to production and sourcing.
What is a global business?
400
The growing economy or agriculture phase.
What is the primary phase?
400
A government-imposed trade restriction that limits the number of goods and services that can be imported or exported during a particular time period.
What is a quota?
400
The value of any currency is determined by the _______ of it and the ________ for it.
What is supply and demand?
400
The ability of a nation to produce a good or service at a lower opportunity cost compared to another nation.
What is comparative advantage?
400
When a product is assembled from numerous parts from across the world.
What is global production?
500
Developing or undeveloped countries that provide resources to developed countries.
What are periphery countries?
500
An official ban on trade or other commercial activity with a particular country.
What is an Embargo?
500
A function of money that states that it can be stored for futrue use.
What is a store of value?
500
This happens if all nations exploit their comparative advantages.
What is higher world production?
500
Maintains order in the international monetary system and helps poor countries with loans and resources.
What is the International Monetary Fund?
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