Chapter1
What does the GATT stand for and what is their goal?
General Agreement on Tariffs and Trade, To reduce trade barriers
what does the WTO stqnd for and what do they do?
World trade Organization, Set trade rules.
What does IP stand for and what is it?
Intellectual Property. your property that has a patent, copy rights, and a trademark on it.
What is the Mosquito Story?
The value of the product was very low because the government recognized the Intellectual Property (IP) is not where the product will flourish.
Why does the United States have a high GDP and are successful
We print the money and we speak the same language
What does IMF stand for and what do they do?
International Monetary Fund, are the watch dogs of countries economy.
What do the United Nations do?
Make the world a better place
Landed cost
Cost in my warehouse sitting
What is Common Law?
Law based on precedent and tradition. The judge intercepts the law
What is the hardest currency?
The U.S. Dollar
What is Globalization of Markets
The merging of seperate national markets into one big market
G-20 is?
Nations who get together to solve problems for people who have them
What 3 factors make countries rich or poor?
Institutions, Culture, Geography
What is Civil Law?
What does PPP stand for?
Purchasing, Power, parity
What is Globalization of Production
Where companies source goods and services from other countries to lower their cost and improve their products quality.
World Bank
Lends money to countries
What are the 2 takeaways from the people in these rich or poor countries?
Modesty and Sympathy
What is Theocratic Law?
law based on religion
What does HDI stand for and what are the 3 factors of it? (From the book)
Human development Index. Education, Income, Life Expectancy.
What percent of the planet lives in the united states that purchases coca cola
5%
T-shirt Book story (How 1 T-shirt is made from different countries)
Cotton grown in Texas, Weaving in China, Logo in India, then back to sell in America.
4 Types of Totalitarianism
Socialism, theocratic, Tribal, Right Wing
What is Contract Law?
A law governing contract
The Down Under Plant Stand vs. The Flip Flop Flower Pot profit difference.
The Down under plant Stand had a far greater manufacturer --> Distributor profit (10x) than the Flip Flop Flower Pot (2x).