Global Trade
Economic, political, cultural and social transformation occurring throughout the world created by increased economic interdependence
Globalization
The attempt to create an international marketplace in which everyone has an equal opportunity to gain in the world economy
Fair trade
government sets limit on the amount of a specific good that can be imported
import quotas
General Agreement on Trade & Tariffs-treaty between 23 countries to encourage trade and
GATT
Delegating a job to someone within a company, as opposed to someone outside of the company (outsourcing)
insourcing
Fear that cultures & traditions will be overwhelmed by US values & pop culture
Americanization
A business or person with the resources to produce a good or service more efficiently than another business
Comparative Advantage
trade conducted without government barriers
Free trade
International Monetary Fund
IMF
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
The gap between the rich and the poor has increased in the U. S. over the past 30 years
income inequality
An economic strategy to limit trade
Protectionism
Decade long world wide economic crisis caused by the 1929 stock market crash & the failure of the banking system
The Great Depresssion
27 nation agreement that eliminated many restrictions on the movement of people, goods services & money (1993)
EU or European Union
(2010) one of the largest environmental disasters in American history. 11 people were killed.
Deep Water Horizon Oil Spill
Multilateral regional trade agreement between US, Mexico, Canada
USMCA
Governments give money to certain industries so those businesses can charge lower prices
Subsidies
law that raised taxes on imported goods and started an international trade war which hurt trade and caused more unemployment
Smoot-Hawley Tariff Act
people that are the final users of products and or services generated within a social system
Consumers
This is a bundle of mortgages that's sold and traded like a bond.
Mortgage Backed security
Designed to encourage international trade. 164 countries participate.
WTO
Taxes on imported goods
Tariffs
European Recovery Program-a $13+ Billion American program to aid Europe after World War II
Marshall Plan
practice used by different companies to reduce costs by transferring portions of work to outside suppliers
Outsourcing
North Korea, Libya, Iran and the former East Germany are examples of what type of economy
Command