Globalization
The process by which businesses or other organizations develop international influence or start operating on an international scale.
Who do we trade with the most?
CHINA
Define imports
Things coming in
What is inflation?
a general increase in prices and fall in the purchasing value of money.
What is Charlotte Ranked as a tourist spot?
6th
What resource do we often need from the Middle East?
Oil
Which 3 countries was NAFTA (North American Free Trade Agreement) between?
U.S.
Mexico
Canada
Define exports
Something going out
What is deflation?
reduction of the general level of prices in an economy.
What is Charlotte ranked as a banking city in the U.S.?
Why is Globalization good?
Globalization enables goods to be produced in different parts of the world. This greater specialization enables lower average costs and lower prices for consumers.
Define Free Trade Agreement
An agreement according to international law to form a free-trade area between the cooperating states.
Answers vary
Which term replaces the question mark?
Consumption + Investment + Government + Net Exports = ?
Gross Domestic Product (GDP)
What is NC known for?
Any of the busniesses mentioned in our notes: Bank of America, Wells Fargo, Chiquita, Family Dollar, Bojnagles, Belk, etc.
What does GDP stand for?
Gross Domestic Product
What does NAFTA stand for ?
North American Free Trade Agreement
In 1980, the United States imposed export quotas on grain sold to the Soviet Union in response to the armed invasion of Afghanistan. What happened to the revenue of U.S. farmers?
Decrease
How does a high unemployment rate sustained over a long period of time affect the economy?
It leads to a decrease in the amount of currency circulating in the economy.
During periods of extremely high crop yields, the U. S. government pays farmers to withhold their products from the market. What is the purpose of this economic subsidy?
to keep food prices more stable
Define Gross Domestic Product
the total value of goods produced and services provided in a country during one year.
If domestic automobile manufacturers would sell more cars in markets in the United States what would happen to foreign producers?
Their sales would decrease
If there are tariffs placed on foreign steel what will happen to the U.S. steel market's income?
increase
What factor is the basis for the theory of comparative advantage?
Specialization
se the list below to complete the sentence.
• A new international trade agreement is established.
• Foreign manufacturers plan to increase exports to the United States.
• U.S. manufacturers face more competition in the domestic marketplace.
The developments in this list would MOST likely lead U.S. manufacturers to
improve the quality of products.