Trade & Globalization
A tax on imported goods
What is a tariff?
One company controls the entire market.
What is a monopoly?
Protection from persecution in another country.
What is asylum?
Laws countries recognize in dealings with one another.
What is international law?
Buying and selling goods.
What is trade?
Trade with few or no restrictions.
What is free trade?
A market dominated by a few firms.
What is an oligopoly?
Financial help given from one country to another.
What is foreign aid?
Organization where governments work together.
What is an IGO?
A good produced in one country and sold in another.
→ What is an export?
A legal ban on trade with a country.
What is an embargo?
Many firms selling similar but slightly different products.
What is monopolistic competition?
A country with global military and economic power.
What is a superpower?
Organization independent from government.
What is an NGO?
A good brought into a country from another.
→ What is an import
The ability to produce something at lower opportunity cost.
What is comparative advantage?
Ideal market where no single seller influences price.
What is perfect competition?
A conflict supported by powerful countries that do not directly fight.
What is a proxy war?
Authority that goes beyond individual national governments.
What is supranational?
Economic system based on supply and demand and private ownership.
What is capitalism?
The agreement that replaced NAFTA in 2020.
What is USMCA?
Law created to break up monopolies in 1890.
What is the Sherman Antitrust Act of 1890?
Organization formed after WWII to promote peace.
What is the United Nations?
Restriction placed on a country to punish it.
What is a sanction?
Economy focused primarily on providing services.
What is a service economy?