Negotiation
Money
Exchange Rates
Globalization
Trade Partnerships
100
This refers to what sort of leverage you hold in a negotiation.
What is a position?
100
This phrase describes using money as a means of acquiring goods and services.
What is medium of exchange?
100
Major world economies use this type of system to value their currency.
What is floating exchange rate?
100
This is the driving force behind globalization.
What is international (global) trade?
100
These 28 countries share the same currency, trade freely with one another, and allow their citizens to move freely between them.
What is the European Union (EU)?
200
This method of payment is exceedingly influential when negotiating the purchase of a good or service.
What is cash?
200
This phrase refers to using money to compare the value of two goods.
What is unit of account?
200
The demand for a particular currency influences its value in this exchange rate system.
What is floating exchange rate?
200
This is the process of all nations' economies and cultures increasingly interconnecting.
What is globalization?
200
This phrase refers to the regional trading partnership of the United States, Canada, and Mexico. HINT: President Trump referred to this trade deal as "one of the worst trade deals in history, maybe ever."
What is North American Free Trade Agreement (NAFTA)?
300
If you are not prepared to do this in a negotiation, you lose all negotiating power.
What is walk-away?
300
This phrase refers to money keeping its value over time.
What is store of value?
300
A country like China can manipulate (devalue) its currency by doing this with other currencies.
What is purchasing other currencies?
300
According to this law, countries should produce what their best at, sell it, and trade for other goods.
What is the law of comparative advantage?
300
One reason British citizens voted "YES" on this referendum was because they felt that there were too many government regulations on business.
What is Brexit (leaving the European Union)?
400
A negotiation can only be successful if this happens.
What is a deal?
400
This characteristic of money is essential to easily carry money to marketplaces.
What is portability?
400
Diminishing the value of your currency can attract this to your nation.
What is foreign investment?
400
This term describes the economic policy of placing higher tariffs on imports.
What is protectionism?
400
Both the United States and Britain have recently shifted to limit this from happening in their countries because it drives down the wages of citizens.
What is immigration?
500
This term describes the most you would have given up to your negotiating counterpart if an agreement was not reached.
What is BATNA?
500
Because there is not enough gold to back all of the money in circulation, this monetary system is used in the US all large countries.
What is fiat (representative) money?
500
In order to stabilize their currency, smaller countries use this exchange rate system for their currency.
What is fixed (pegged) exchange rate system?
500
Although protectionism has reentered the economic arena in the last year, the 21st century has championed this economic policy.
What is free trade?
500
Because Britain was the largest economy in the EU, they were obligated to send the largest percentage of this to Brussels (capital of the EU).
What is percentage of GDP?
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