Global Trade
The act of bringing a product into a country
What is an import?
an economic condition defined by the unusual mix of slow economic growth, high unemployment, and rising prices happening at the same time
What is stagflation?
America is the number one consumer of this product, but cannot grow it within the country.
What are bananas?
The reason oil prices increase from events halfway across the world.
What is a global market?
The machine developed by Alexander Graham Bell that allowed voice to be transmitted over wire.
What is the telephone?
The act of sending something out of a country
What is an export?
the economic policies used during the 1980s that focused on supply-side economics, tax cuts, and deregulation.
What is Reaganomics?
The reason many companies choose to manufacture their products in other countries.
What are low labor costs?
a waterway between the Persian Gulf and the Gulf of Oman. On the north coast lies Iran.
What is the Strait of Hormuz?
a historic device that changed how humans communicate by sending text messages across long distances using electrical signals over wires
What is the telegraph?
The process of trading good and services between countries.
What is commerce?
a 1994 trade pact between the United States, Canada, and Mexico that eliminated most tariffs and trade barriers on goods moving across North America
What is NAFTA?
This long-term effect of globalization leads to further class division.
What is the wage gap/class disparity?
the way that Russia ships oil around the world despite sanctions.
What are unmarked ships?
This new type of broadcast in first seen 1928 marked a new era of communication.
What is a television broadcast?
Actions a country or group takes to restrict trade, money, or movement to pressure another country, group, or individual to change behavior.
What is a sanction?
a severe global economic downturn triggered by the collapse of the U.S. housing market and a massive banking crisis rooted in risky mortgage lending
What is the Great Recession of 2008?
the total monetary value of all final goods and services produced within a country's borders during a specific period.
What is GDP?
One of the key prices that factor into the cost of goods.
What are oil prices?
debuted in 1992 in the United Kingdom with a “Merry Christmas” from a software developer to a Vodafone employee.
What is a text message (SMS)?
A coordinated refusal to buy, sell, or engage with a country, company, or product.
What is a boycott?
a tax imposed on foreign-made goods, paid by the importing business to its home country's government.
This is one of the primary benefits of globalization.
What is an increased average lifespan?
The stash of oil used during times of crisis.
the first mainstream smartphone, in 2007, it revolutionized personal communication by marrying the typical functions of a cell phone (calls and texts) with those of a computer (internet access).
what is the Iphone?