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Econ Pre-Test 1c

QuestionAnswer
Why is Global Economics is important? Is important when political boundaries are important *political boundaries: boundary is established in a legal form, usually a treaty or other written document ***not land boundary**
What is GDP? is the value of all final goods and services produced in a country
What is a trade deficit? When countries buy more goods and services than it sells abroad
What are political boundaries? Location of a boundary is established in a legal form; usually a treaty or other written document
Comparative Advantage a country’s ability to produce a given product relatively more efficiently/better than another country by doing it at a lower opportunity cost
what is "Free Trade"? lowering or eliminating tariffs and other trade barriers between two or more nations
Interdependence shared need of countries for resources, goods, services, labor, and knowledge supplied by other countries
World Bank 1. provides loans to countries 2. fights world poverty 3.international financial institution
IBRD (Int'l Bank for Reconstruction) -Restrictions on foreign items coming into the country - Give loans to gov't for up to 30 years for rebuilding of infrastructure
IMF (Int'l Monetary Fund) -Give loans to gov't for up to 30 years for rebuilding of infrastructure -Facilitate int'l trade
Int'l Center for Resolution of Investment Disputes (ICSID) -offers political risk insurance and credit guaranty -help investors protect their foreign investments against political risks in developing countries
what is an open border? dividing lines between countries
GNP is the value of all final goods and services produced in a country
open border enables free movement of people between different jurisdictions with limited or no restrictions on movement, that is no border control.
Immobility of labor was the chief reason what was established European Union
The U.S. Great Depression in the 1930's -Worst period of economic decline -unemployment, stock market decline. -30% unemployment rate
What stopped the Great Depression? War time WWII spending or Deficit spending
A suffering economy is when - currency exports are more expensive -imports are more expensive
Multilateral Investment Guarantee Agency (MIGA) member of the World Bank; -facilitate the flow of foreign direct investment
Bretton Woods Agreement for monetary and exchange rate management established in 1944
The Bretton Woods Agreement Created IMF and IBRD
Who belongs to the World Bank? -IDA - helps poor countries -IBRD - Provides loans to poor countries -MIGA - Support economic growth, reduce proverty -IMF-Provide a stable platform for foreign exhange ICSID - settles legal disputes between int'l investors
ICSID - (International Center for Resolution of Investment Disputes) -gives loans to govts for up to 30 years for rebuilding and infrastructure - settles legal disputes between int'l investors
World War II 1940's -goods were rationed, couldn't consume much -we had massive deficit spending (lots of spending which took us out of the depression)
The global economy in the 1890's -almost free trade -very less restrictive -good flow of trade
Created by: Sankofarae
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