Trade 101
This term refers to the exchange of capital, goods, and services across international borders or territories.
What is international trade?
This phenomenon occurs when a country exports more goods and services than it imports over a specific period of time. The equation for this is:
x = Total Exports − Total Imports
What is trade surplus?
This is the monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries.
What is GDP (Gross Domestic Product)?
What are tariffs?
What is 50 (years)?
Instructions:
Teams will enter breakout rooms to decide the wager, then DM Minh their wager. We will reconvene in the main room to read the final question. You will then return to your breakout rooms to discuss, then one of you will DM Minh your team's final answer.
We will then return to the main room to read the answers and wagers.
Category: GPD.
This type of trade refers to when countries and firms are trading goods and services without imposing any kind of trade barriers (tariffs, quotas, etc.), and they have unregulated access to markets internationally.
What is free trade?
In simple terms, it's how much you get out for what you put in. In slightly more complex terms, it's a measure of how efficient inputs (like labor, capital, or materials) are used to produce outputs (goods or services).
What is productivity?
An agreement between two or more countries which aims to reduce, or eliminate certain costs and obstacles in order to more easily facilitate the exchange of goods and services.
What is FTA (Free Trade Agreement)?
This term refers to a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period. It is meant to regulate the volume of trade between countries.
What is a quota?
Our August Revolution event is celebrating this many years since the titular event.
What is 80 (years)?
This equation is used to measure a country's Gross Domestic Product.
List what each letter represents.
What is
C + I + G + (X − M)
C = Consumption (household spending)
I = Investment (business investments, new homes)
G = Government spending
(X − M) = Net Exports
X = Exports
M = Imports ?
An economic policy that restricts imports from other countries through the use of trade barriers.
What is protectionism?
A method of production whereby an entity (for example, a country) focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
What is specialization?
Not to be confused with Tom Cruise's Impossible Mission Force, this international financial institution is a specialized agency of the United Nations, and boasts over 190 member countries. Its stated mission is: "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." It acts as a lender of last resorts to its members experiencing balance of payment crises.
What is the IMF (International Monetary Fund)?
In 1994, the US lifted 30 years of this on Vietnam, defined as an official ban on trade or other commercial activity with a particular country.
What are embargoes?
What is two?
These policies are justified using reasons such as:
Protecting infant industries,
preserving environmental protection standards,
preserving consumer safety standards,
and protecting national security interests.
What are trade barriers?
Developed by British economist David Ricardo in 1817, this theory argues that countries can benefit from trading with each other by focusing on making the things they are best at making, while buying the things they are not as good at making from other countries.
This theory is based on the idea that every country has different cost structures and opportunity costs (costs in terms of other goods given up). By focusing on their strengths, they can produce more efficiently.
What is comparative advantage?
Unnervingly similar to a Faustian deal, this term refers to a set of economic reforms that a country must adhere to in order to secure a loan from the International Monetary Fund or the World Bank.
What is SAP (Structural Adjustment Program)?
This broad term refers to a country’s interfering with the market’s determination of the exchange rate of its currency in order to influence its trade balance, usually to favor its exports over its imports.
What is currency manipulation?
On this day, month, and year, Ho Chi Minh declared Vietnam's independence.
What is September 1st, 1945?
These three reasons are why GDP as a measure of the economy is problematic.
What is:
Does not take into account domestic labor
Does not measure environmental costs
Counts wars and weapons manufacturing
Does not track quality of life
Counts disaster recovery as a measure of "growth"?
This concept describe the systemic hidden transfer of labor and ecological value from poor countries in the imperial periphery (mainly in the Global South) to rich countries and monopolistic corporations in the imperial core (mainly in the Global North) due to structural inequalities in the global economy.
What is unequal exchange?
Signed in 1947 by 23 countries, this is a treaty minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies. It was intended to boost economic recovery after World War II.
What is GATT (General Agreement on Tariffs and Trade)?
This term refers to a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value.
What is anti-dumping?
This is the third tenet out of the five lessons taught by Ho Chi Minh.
(Answer in Vietnamese or English)
What is "Be united, be disciplined"?
What is "Doan ket tot, ky luat tot"?