Econ words
A loan you take to buy a house.
EU stands for?
European Union
According to your book, what is ONE of the 3 biggest complaints people have about Globalization today?
1) exploit of cheap labor from big companies.
2) Has enhanced the gap between the rich (the accumulation of extraordinary wealthy by the few) and poor (inequality).
3) Poorer countries (like sub-saharan Africa) are in more debt to wealthier nations (more poorer).
How many Americans were unemployed during the 2008 global financial crisis?
About 8 million Americans.
What is Ms. Doori's Korean name?
김두리 선생님 ^^
'Default' means...
Failure to meet a financial obligation (cannot pay back).
IMF stands for?
International Monetary Fund
Which US global financial service firm had to file for bankruptcy during the financial crisis of 2008?
Lehman Brothers (over 600billion in assets).
Why did mortgage lenders sell 'subprime mortgages' to people who couldn't really afford to pay it?
They can receive interests payments, but if the individual fails to pay back the house price, they can take their home back (repossess).
When was Ms Doori born? (month/day)
December 13.
'Repossess' means...
To take back.
GATT stands for...
General Agreement on Tariffs and Trade
In the 1960s, how was Japan able to recover (saw massive economic growth) after WWII?
Japan invested mainly in electronics and technology (high tech products).
When did the recession technically end in?
June 2009, but the impact lasted longer
What is one of Ms. Doori's favorite Korean food?
갈비찜.
'Subprime Mortgage' means...
To offer mortgages (lend money) to customers with poor credit history.
OAPEC stands for...
Organization of Arab Petroleum Exporting Countries
In 2007, what two main unexpected events occur which lead to a failure in 'subprime mortgages'?
1) interest rates went up
2) house prices fell
Controversially, who (which institution) did the government end up attempting to rescue (pouring money to) the most?
The financial institutions who CAUSED the whole disaster.
How tall is Ms Doori?
163 cm
'stimulus package' means...
A package of economic measures put together by a government to stimulate a struggling economy (e.i. increasing government spending & decreasing taxes).
What does G20 stand for?
Group of Twenty, is an international forum for the governments and central bank governors from 19 countries and the European Union (EU).
Why was there an oil crisis during the 1970s?
The OAPEC (Saudi Arabia, Syria, Egypt, Iraq and Iran) embargoed (banned) oil to any country helping Israel during the Yom Kippur War. So the US was in large disadvantage.
How many (and which) languages can Ms Doori fluently speak?
English, Spanish and Korean (3).