Trade Terms
What is the term for a tax on imports
Tariff
A country is a Least Developed Country if its GDP per capita is under what amount?
$1,100
What environmental consequence is often linked to globalization?
Climate Change
What Trade Bloc is compiled of North American Countries?
NAFTA
The majority of economists don't always agree but they all support the idea of?
Free Trade
What is a ban on trade with a specific country?
Embargo
A country is considered developed if its GDP per capita is over what amount?
$12,000
What environmental issue is made worse by cutting down forests for global agriculture and trade?
deforestation
What is a common goal of forming a trading bloc?
enhance economic cooperation
What is a benefit of international trade for consumers?
increased competition leading to better products.
What do we call a limit on the quantity of goods that can be imported?
Quota
countries that are improving economically but have lower income levels and infrastructure compared to developed nations
Developing Countries
What is one economic benefit of renewable energy?
creating new jobs in clean energy
What is one of the most significant trading blocs that includes a single currency?
The European Union
What is the spread of ideas, styles, and traditions across cultures? (Not Globalization)
Cultural Diffusion
What are goods or services sold to buyers in other countries?
Exports
What is a common criticism of globalization in terms of labor?
exploitation of workers and poor working conditions.
What type of organization, like Save the Whales, works independently from governments to protect the environment and endangered species?
NGO (Non-Governmental Organization)
How many countries are in the EU?
27
What organization enforces trade rules globally?
World Trade Organization (WTO)
What do we call government policies that limit foreign competition to support domestic businesses?
Protectionism
Despite international pressure, what three countries continue whaling practices?
Norway, Japan, and Iceland
Why might countries resist environmental regulations under globalization?
fear of losing economic competitiveness
What countries are called the "Four Asian Tigers", that transformed from some of the least developed countries to some of the most developed by exports and rapid industrialization?
Taiwan, Hong Kong, South Korea, Singapore
Daily Double!!!
What is one way globalization helps the environment and one way it hurts it?
Helps: Spreads green technology and environmental awareness. Hurts: Increases pollution and resource use through more industrial activity.