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ECONOMIC INTEGRATION
TRADE, FINANCIAL FLOWS, FOREIGN INVESTMENT
PROTECTION
GLOBALISATION & ECONOMIC DEVELOPMENT
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100
Are characterised by high levels of economic development, with average per capita incomes of over US$30,000 per annum.
What are advanced economies?
100
Land, labour, capital and enterprise.
What are factor endowments?
100
Cash payments made to local producers to increase supply in the face of import competition.
What are subsidies?
100
Economic development is a qualitative process, involving the development of an economy’s ____________ and ___________ infrastructure
What is economic and social?
100
Investment into equity securities (such as shares, options and rights) and debt securities (other than direct investment and includes bonds and notes).
What is portfolio investment?
200
Brazil, Russia, India and China (BRIC)
What are the major emerging economies?
200
Is where a country, with a given level of resources, can produce more output than another country with the same level of resources.
What is absolute advantage?
200
Government procurement policies and industry plans, where a certain percentage of inputs or outputs must be manufactured within Australia.
What are local content rules?
200
1. Life expectancy at birth (measured in years) 2. Adult literacy and educational attainment (measured in average years of schooling) 3. Real GNI per capita income in PPP US dollars (adjusted for inflation and market exchange rates)
What are the three variables considered by the UNDP to be fundamental to human progress?
200
When a government imposes certain minimal technical standards on imported goods.
What is technical discrimination?
300
Establishing subsidiaries in foreign countries to utilise labour skills at a lower cost and to increase profits by selling goods and services to the large global market.
What is offshoring?
300
Increased specialisation of production, a greater range of output, increased competition between firms and increased productivity of resources.
What are some advantages of free trade?
300
This may result from the distorting effect of tariffs on import prices, which can be passed into the domestic cost and price structure.
What is inflation?
300
Low levels of savings, high population growth rates, lack of foreign exchange and high levels of foreign debt, institutional problems and a lack of infrastructure and capital formation.
What are some reasons for differences in economic development between nations?
300
A situation of high inflation and unemployment rates, coupled with stagnant economic growth.
What is stagflation?
400
Expansion, peak, downswing, trough/recession.
What are the major phases of the international business cycle?
400
Unfair price cutting, if countries which are efficient producers of agricultural or manufactured goods, sell their exports at below factor cost in foreign markets.
What is dumping?
400
Lower efficiency, export earnings, employment and rate of economic growth.
What are some negative impacts of protection on the domestic economy?
400
1. Putting a price on carbon emissions and establishing targets for their reduction. 2. Changing people’s behaviour by moving to low carbon technologies and cleaner energy sources. 3. Fostering international co-operation through a new Kyoto Protocol Agreement which has targets, and is led by major polluting advanced countries, which will encourage developing countries to adopt similar policies to reduce their greenhouse gases.
What are the three major strategies for dealing with climate change and reducing greenhouse gas emissions according to the UNDP report 2007-08?
400
This organisation replaced the GATT secretariat in 1995 and it monitors developments in world trade and reviews barriers to world trade such as tariffs and subsidies.
What is the World Trade Organisation?
500
Real and financial/monetary.
What are two types of external shocks?
500
Bilateral, regional, multilateral.
What are three types of free trade agreements?
500
Restricting the growth in world trade, living standards and levels of economic development in advanced and developing countries.
What are some negative impacts of protection on the global economy?
500
Financial crises can be transmitted quickly from one economy or region to another as was evident by the Global Financial Crisis in 2008-09.
What is financial contagion?
500
This organisation was formed in 1961 and has 34 member countries. Its main objectives are to promote sustainable economic and employment growth and rising living standards in member countries, whilst maintaining financial stability and contributing to world economic development.
What is the Organisation for Economic Co-operation and Development (OECD)?