International Economics
Who created absolute advantage and comparative advantage idea?
Adam Smith
What is globalization?
trade and technology created the world to be more interconnected.
What route helped shape global trade?
The silk road
Most listened to song in 2022 on Spotify
As it was , Harry Styles
What was the most watched movie on Netflix in 2022?
The Gray Man
What is a Tariff?
A tax on a trade.
What is an Embargo?
Trade restriction between two countries. (Cold War)
What is the World trade Organization?
Only global international organization that deals with the rules of trade between nations.
Who has the second most followers on YouTube?
Pewdepie
What is the most watched tv show in 2022? (not just on netflix)
Yellowstone
What is direct foreign investment?
An ownership stake in a foreign company or project made by an investor, company, or government.
What is foreign aid?
Any type of assistance given to a country from another country. (food, money, water, clothing, ext.)
What is a developed nation?
A nation with infrastructure.
What was the highest selling video game in 2022?
MW2
What was the first YouTube video to reach a billion views (2012)
Gangnam Style
What is a developing nation.
A country without infrastructure.
What is Specialization
A method of production when an entity focuses on the production of a single product.
In what year did the WTO start?
1995
What was the most viewed youtube video in 2022?
Baby Shark
What actor or actress made the most money in 2022?
Tom Cruise
What is absolute advantage?
A party’s ability to produce more goods than a competitor using the same amount of input(s).
What is comparative advantage?
●A country has a comparative advantage at producing something if it can produce it at a lower cost than anyone else.
●A country should specialize in the production of a good or service in which it has lower opportunity cost.
What does balance of trade mean?
Difference between the countries value of exports and imports.
Who was the top selling artist in 2022?
Bad Bunny
What was the highest selling car in 2022?
Toyota Rav4