Global Economy
What is a global supply chain?
When products are made in multiple countries
What is a tariff?
A tax on imported goods
What is cultural diffusion?
Spread of ideas and culture
Why was the UN created?
To prevent wars and solve problems peacefully
What is globalization?
A more connected world economy
What is GDP?
Total value of goods/services produced in a country
What is an embargo?
A ban on trade with another country
What is a global citizen?
Someone who cares about global issues
What power do the UN Security Council permanent members have?
Veto power
What is urbanization?
Growth of cities as people move there/moving from farm to city life
What is a major risk of interdependence?
A crisis in one country can affect others (domino effect)
What is a trade surplus?
When a country exports more than it imports
Why might labor unions oppose globalization?
Fear of losing jobs to cheaper labor
What happens when a tariff is placed on imports?
Imported goods become more expensive
What is a quota?
Limit on how much of a good can be imported
How does globalization improve standard of living?
More goods available at lower prices
What is the goal of Fair Trade?
Ensure workers are paid fairly
What is an example of adapting to local culture?
Fast food chains changing menus in other countries
Bonus Random Question!
What is the smallest country?
Vatican City
What is a subsidy?
Government financial support for businesses
How has the Digital Revolution impacted the global economy?
Instant communication and global trade of services
Why do companies build factories in developing countries?
Lower labor costs and fewer regulations
How can globalization hurt the environment?
Increased pollution from shipping goods... or other answers -up to Mr. A
What is sovereignty?
A country’s right to govern itself
What is interdependence?
Countries relying on each other