Economics
Define economics
Field of study concerning value, production, distribution, and consumption of goods and services
The worlds strongest economies are a result of __?
European colonialism
Name 3 countries in Southeast Asia
Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam
Most of China's population lives in what half of the country?
The east
What is the most populous country in East Asia?
China
What is scarcity?
Limited availability of a commodity
What is mercantilism?
An economic policy maximizing exports and minimizing imports
Name a sea involved in many territorial disputes, mainly involving China
South China Sea, East China Sea
China is mainly homogenous. What is the majority ethnic group?
Name two natural disasters that affect East Asia and the Pacific
Typhoons, tsunamis, earthquakes, floods, volcanoes
What is "opportunity cost"?
The value of demands not met
What is comparative advantage?
The theory that even if one nation can produce all goods more cheaply than can another nation, both nations can still trade under conditions where each benefits
Name a territorial dispute in East Asia
Senkaku/Diaoyu/Diaoyutai Islands, Dokdo/Takeshima/Liancourt Rocks, Spratley and Paracel Islands
Which Chinese leader was responsible for the Great Leap Forward and the Cultural Revolution?
Mao Zedong
What are the religions of East Asia? Name three.
Buddhism, Islam, Christianity, Shinto, Daoism, Confucianism, atheism, folk religion
Explain economic nationalism
Policies intending to protect national labor, production, and wealth accumulation
Tariffs, subsidies, and import quotas are examples of what type of policy?
Protectionist policies
Briefly explain North Korea's relationship with South Korea
Divided after WWII, still technically at war
Briefly describe China's government
Authoritarian, combining communism and capitalism, repressive
Name three newly industrialized countries in East Asia
Hong Kong, Singapore, Taiwan, South Korea
Explain liberal economics
Commitment to markets with minimal government intervention, market economy, rationality, utility
What are terms of trade?
the amount of exports needed to obtain a given amount of imports, with the fewer amount of exports needed the better for the country
China's "One China" and "one country, two systems" policies involve what other states and/or administrative regions? Name two.
Briefly explain China's current role in world affairs
Member of the UN Security Council, leader in trade, exports culture, technology
What is ASEAN, and what is its purpose?
Association of Southeast Asian Nations--political cooperation