Globalization
Define Globalization in an economic context
Globalization describes the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Define Outsourcing
obtain (goods or a service) by contract from an outside supplier.
FTA
Free Trade Agreement
How can nationalization help an economy
Nationalization can provide a larger revenue stream for government but may cause that industry to falter depending on the motivations of the nationalizing party.
Who was the United States President, three presidents ago?
Barack Obama
How does the IMF help countries?
Giving money and financial advice
Define Privatization
The transfer of ownership, property or business from the government to the private sector.
WTO
World Trade Organization
How can privatization help an economy?
It helps governments save money and increase efficiency, where private companies can move goods quicker and more efficiently.
What is Cambodia's #1 import?
Refined Petroleum
How does the WTO help countries
setting rules and organizing conflict resolution between countires going through trade wars.
Define Deregulation
he removal of regulations or restrictions, especially in a particular industry.
"he fought for deregulation of the telecom industry"
NAFTA
North American Free Trade Agreement
In relation to the homework, please outline one weakness of outsourcing in India
Teacher's Choice
What is Cambodia's #1 export?
textile goods
Define Scarcity in a globalized context
Scarcity is an economic concept where individuals must allocate limited resources to satisfy their needs. Scarcity occurs when demand for a good or service is greater than availability. Scarcity affects the monetary value individuals place on goods and services.
What is conventional trade?
In conventional trade, the prices of goods are often determined solely by market forces, which can be influenced by factors such as supply and demand, production costs, and competition.
CUSMA
The Canada-United States-Mexico Agreement
In relation to the homework, please outline one strength of outsourcing in India
Teacher's Choice.
Daily Double:
What year was Mr Aidan born?double the points if you know what month.
March, 1997
Using a real life example, tell me about how the monopolization of power in institutions like the IMF, WTO, or the World bank has had a negative impact on developing nations.
Teacher's Choice .
Define Austerity
difficult economic conditions created by government measures to reduce public expenditure.
T-MEC
Trade Mexicano Estates-Unies Canada
How can "Fair Trade" be exploitative?
Fair trade is a label that companies can get. If a company only does the bare minimum, or is purposely deceitful, there can be major exploitative practices.
Draw a Mr Aidan portrait on your paper. You have 1 minute.
Mr Aidan's choice.