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What is globalization?
give an example
The accelerating exchange of goods, services, information, people, and capital across borders.
What is economic sovereignty?
A nation’s ability to control its own economic policies.
Do EU countries have full economic sovereignty? Why?
No - they are subject to EU regulations and directives
What is deglobalization? Give an example
A shift away from global interconnectedness toward more local or national systems.
What is Market Volatility?
Rapid and unpredictable changes in market conditions.
What is trade liberalization? How can it potentially help a countries economy and can it potentialy hurt a countries economy?
Removing or reducing trade restrictions.
Give us a scenario where the demand for a product might go down.
gets too expensive so people don't want it, a competing product becomes more popular, the product is very common and accessible
The demand for a product is high, but the supply is low. How does this affect the price?
Price goes up
What is uneven development in economics?
Give an example of where you can see this? (past or current)
Regions developing at different speeds, creating disparities. Globalization often leads to uneven development between urban and rural areas.
The demand for a product stays the same, but more producers start offering the product. What will likely happen to the price?
It will go down
Give us an example of how a supply chain could be disrupted.
The US gets produce from Guatemala - if there is a natural disaster in Guatemala, the prices for bananas in the US can go up because the supply chain is disrupted.
Disruptive Forces are Phenomena that significantly alter traditional systems, markets, or structures. Name something that can afect traditional markets
War, recession, famine, tarifs/treaties etc.
Multilateral Institutions are international organizations involving multiple countries. Name 3 Multilateral Institutions
WTO, IMF, World Bank, etc.
What is re-shoring or near-shoring? Give an example
Bringing manufacturing back to the home country / closer geographic regions.
Give an example of a product that demand went down for during 2025
labubus (anything as long as you can justify it)
Geoeconomics is the study of how economic tools are used to achieve geopolitical goals. Give an example of an economic tool that can be used for political goals.
Tariffs, re-shoring, outscourcing etc.
What is fiscal stimulus?
Can you think of any examples?
Government spending aimed at boosting economic activity.
ex. US dairy gov support
Tell us 2 potential consequences of a country with an inequitable distribution of wealth
High poverty, low political satisfaction, large wealth gaps, loss of the middle class, etc.
Give 3 specific examples of a product that successfully migrated from national to international markets
certain foods, electronics, media
If the US creates high tariffs for imported goods from Mexico, what are some potential socioeconomic repercussions?
strain on political relations, less trade, Mexico may impose high tariffs in response, the US could get more money
What is the difference between macro and micro economics?
The key difference is scope :micro zooms in on individual choices and markets (supply/demand for a product), whereas macro zooms out to national/global trends (national income, fiscal policy)
What is structural inequality?
Give an example of this
A chronic, systemic form of inequality embedded in institutions. Structural inequality prevents marginalized groups from benefiting fully from globalization.
Comparative Advantage is the ability of a country to produce a good more efficiently than another. Name a product that the Czech Republic imports because a different country can produce it for cheaper.
food products grown in other climates, certain types of cars, electronics, etc.
What is economic nationalism?
How can it be good for an economy? How can it be bad?
Prioritizing national economic interests over global cooperation.
Economic nationalism drives countries to limit foreign competition.
Tell us 3 ways the COVID-19 pandemic likely affected various economies
ex. Countries that depend on tourism made less money,