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 2025 on Spotify
Die with a smile, Lady GaGa and Bruno Mars
Who was the top selling artist in 2025?
Taylor Swift
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.
What was the most watched movie on Netflix in 2025?
K pop Demon Hunters
What was the most watched thing on tv last year?
Superbowl
What is a developing nation.
A country without infrastructure.
What is a developed nation?
A nation with infrastructure.
What is the main Purpose of the WTO?
To regulate trade among countries, to make sure it is fair.
What was the highest selling video game in 2025?
Battlefield 6
What actor or actress made the most money in 2025?
Tom Cruise
What is Specialization
A method of production when an entity focuses on the production of a single product.
What is foreign aid?
Any type of assistance given to a country from another country. (food, money, water, clothing, ext.)
What is one key difference between a developed and developing nation?
Type of economy, Income per Capita, Industrialization, Literacy rate, Standard of Living.
What was the first YouTube video to reach a billion views (2012)
Gangnam Style
Who has the second most followers on YouTube?
(Not Mr. Beast)
T-Series
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.
Name one obstacle of a developing nation becoming a developed nation?
Attitudes and Beliefs: People in developing nations often live and work much as their ancestors did. Innovation is often viewed with suspicion, and attitudes are slow to change.
Continued Rapid Population: Growth If the population grows faster than GDP, standards of living will fall along with per capita GDP.
Misuse of Resources: Developing nations sometimes choose to spend money for defense rather than agricultural development. Capital flight is another misuse of resources. Its leaders may legally or illegally export local currency from a nation. If new leaders take over they often inherit crushing debt from such corruption.
Trade Restrictions: Tariffs and quotas are used to limit imports that compete with domestic industries.
What is the highest selling book in 2025
Onyx Storm
Sunrise on the Reaping
The Widow
what car company sold the most cars worldwide in 2025?
Toyota