Key Terms
The interdependence of the world's economies, cultures, and people through cross border trade.
What is globalization?
An organization that is formed through a formal agreement between various governments.
What is an Intergovernmental Organization? What is an IGO?
A government funded retirement plan.
What is Social Security?
The system of borrowing money and agreeing to pay later.
What is credit?
Increasing wage gaps, Covid-19, habitat loss, and dead languages are examples of...
What are consequences of globalization?
Import quotas, health and safety regulations, tariffs, trade wars, and sanctions are all examples of...
What are trade barriers?
Natural disasters, global health crises, and war are what economists refer to as...
What are black swan events?
The percentage of your income your monthly rent should be.
What is 30%?
This type of bank has specific membership requirements but has lower fees and better interest rates.
What is a credit union?
The International Committee of the Red Cross, Doctors without Borders, World Wildlife Fund, and Amnesty International are all...
Non-governmental organizations.
The psychological tendency to return to a base line of happiness.
What is the Hedonic Treadmill?
Exports > Imports.
What is a trade surplus?
The minimum number of units you should take a semester to graduate in 4 years.
What is 15 units?
What is net income?
The three major credit bureaus.
What are Equifax, Experian, and Transunion?
A country has this type of advantage when they are able to produce a product at a lower opportunity cost.
What is a comparative advantage?
Efficacy of institutions, human and physical capital, efficacy of economic policies, innovation and technology, and global trade and integration are all...
What are determinants of wealth?
This type of credit check drops your credit score by 2-5 points. Usually happens when you apply for a new credit account.
What is a hard inquiry?
The higher the premium, the lower your out of pocket payment. This is known as...
What is a deductible?
Dubai chocolate, Dr. Simi, Korean skin care are all examples of this benefit of globalization.
What is access to new cultures?
The economic principle that states, when a person consumes more of a good or product, their satisfaction of decreases with each unit.
What is Diminishing Marginal Utility?
Three policies a nation can implement to increase their overall prosperity.
What are education and training programs, modernize infrastructure, simplify the process of starting and running a business, implement a universal basic income program, expand healthcare, establish and anti-corruption agencies, and tariff adjustment?
The type of car insurance plan that only covers any person or property you injury/damage.
What is liability?
State and federal withholdings, Medicare fee, and 401k are all examples of this...
What is paycheck deductions?
Thanks to the spread of technological advancements, countries can develop at a faster, more efficient, and cost effective rate. Also known as...
What is Leapfrogging?