FTA
Which of the following statements about the World Trade Organization (WTO) is NOT true?
A. The WTO sets binding global rules on international trade.
B. The WTO helps settle disputes between member countries.
C. The WTO directly enforces tariffs and trade regulations.
D. The WTO promotes free trade and reduces trade barriers.
C. The WTO directly enforces tariffs and trade regulations.
What is meant by "free trade"?
There are no tariffs or taxes imposed by governments on the trading of goods.
What is outsourcing?
Outsourcing is the act of a country or company moving an aspect of their business outside of it's initial headquarters. Either to a different company completely (accounting), or to a different country (manufacturing).
What is an ecological footprint?
It measures the world ability to support the consumption and waste produced by the population.
What is one of the most traded commodities in the world?
Hint: Fair Trade
The World Trade Organization plays a crucial role in fostering global economic stability by providing a forum for negotiation, reducing trade barriers, and ensuring fair competition among countries.
True or False?
True
Why would a country impose a tariff on another country?
To try and promote the sale of locally made products over imported ones.
What are two characteristics of sweatshops?
1. Low wages
2. Poor working environment
How has globalization contributed to the problem of food waste?
Food can be overproduced and not last in the long supply chains that we have due to globalization.
What percent of the world... own half of the worlds wealth?
1%
Is globalization helping everyone prosper?
What is NAFTA?
NAFTA was a free trade agreement between the U.S., Canada, and Mexico starting in1994 and terminated in 2020. It aimed to reduce trade barriers, promote economic activity, and protect labor and environmental standards among the three countries.
Give me an explanation of what a tariff is... using a sock.
Canada makes a sock for $5.
USA makes a sock for $7.
USA put a tariff of $3 of socks being imported from Canada.
Meaning socks from Canada being sold in the US market will now cost $8 dollars, promoting the sale of the US made socks that are cheaper at only $5 dollars.
What is comparative advantage?
Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. (Better access to the resource).
The fast fashion industry is known for contributing to environmental degradation. Explain two ways in which fast fashion increases ecological harm and suggest one sustainable alternative.
Excessive pollution and water use.
Overconsumption and waste.
What percent of the world carbon emissions come from fast fashion being produced and shipped?
a. 15%
b.10%
c. 5%
d. 30%
b.10%
Explain the European Union and why is was formed.
It was formed to enhance European political and economic integration. It was formed to foster more peace amongst the country after WWII.
What is a trading bloc? Do you have an example of one?
A trading bloc is an agreement amongst government where barriers to international trade are reduced or eliminated. The European Union is an example of a trading bloc.
Explain why outsourcing can lead to sweatshops?
Companies usually outsource to help them to save money. They often outsource labour jobs to developing countries and sometimes these countries have unsafe working conditions and light labour laws enforced. This can result in sweatshops where employees are overworked and underpaid.
What are two major environmental impacts of e-waste, and how can the concept of a circular economy help address this issue?
E-waste releases toxic substances like lead and mercury into the environment and contributes to landfill overflow. A circular economy can reduce e-waste by designing products for durability, repairability, and recyclability, thereby extending their lifecycle.
Fill in the blank
A chocolate bar can have ingredient from (blank) different countries.
6 different countries
What FTA replaced NAFTA and why did it get replaced?
NAFTA was replaced because it was frequently blamed for the export of U.S. manufacturing to Mexico, loss of jobs, and suppression of wages among U.S. workers. The new agreement, (USMCA), aims to support mutually beneficial trade and modernize what NAFTA was.
What does GATT stand for?
General Agreement on Tariffs and Trade.
An agreement signed by 23 countries to minimize barriers to trade internationally, it is a treaty that is a part of the World Trade Organization.
Why might developed countries dislike the act of outsourcing?
The circular economy aims to minimize waste and maximize resource use. Provide an example of a successful circular economy initiative.
For example, Patagonia’s Worn Wear program repairs and resells used clothing, extending product life and reducing waste.
What percent of Canadians plastics actually get recycled?
a. 9%
b. 18%
c. 31%
d. 60%
a. 9%