Global Trade
Economics 101
Economic Recovery
Acronyms
Make More Money
100

Economic, political, cultural and social transformation occurring throughout the world created by increased economic interdependence

Globalization

100

The attempt to create an international marketplace in which everyone has an equal opportunity to gain in the world economy

Fair trade

100

government sets limit on the amount of a specific good that can be imported

import quotas

100

General Agreement on Trade & Tariffs-treaty between 23 countries to encourage trade and

GATT

100

Delegating a job to someone within a company, as opposed to someone outside of the company (outsourcing)

insourcing

200

Fear that cultures & traditions will be overwhelmed by US values & pop culture

Americanization

200

A business or person with the resources to produce a good or service more efficiently than another business

Comparative Advantage

200

trade conducted without government barriers

Free trade

200

International Monetary Fund

IMF

200

international transfer of capital, goods, or services from a country for the benefit of the recipient country. It can be economic, military, or emergency humanitarian

Foreign aid

300

The gap between the rich and the poor has increased in the U. S. over the past 30 years

income inequality

300

An economic strategy to limit trade

Protectionism

300

Decade long world wide economic crisis caused by the 1929 stock market crash & the failure of the banking system

The Great Depresssion

300

27 nation agreement that eliminated many restrictions on the movement of people, goods services & money (1993)

EU or European Union

300

(2010) one of the largest environmental disasters in American history. 11 people were killed.

Deep Water Horizon Oil Spill

400

Multilateral regional trade agreement between US, Mexico, Canada

USMCA

400

Governments give money to certain industries so those businesses can charge lower prices

Subsidies

400

law that raised taxes on imported goods and started an international trade war which hurt trade and caused more unemployment

Smoot-Hawley Tariff Act

400

people that are the final users of products and or services generated within a social system

Consumers

400

This is a bundle of mortgages that's sold and traded like a bond.

Mortgage Backed security

500

Designed to encourage international trade. 164 countries participate.

WTO

500

Taxes on imported goods

Tariffs

500

European Recovery Program-a $13+ Billion American program to aid Europe after World War II

Marshall Plan

500

practice used by different companies to reduce costs by transferring portions of work to outside suppliers

Outsourcing

500

North Korea, Libya, Iran and the former East Germany are examples of what type of economy

Command