Question 1

​International Trade

Accepted Answer

The exchange of goods, services, and capital across national borders.

Question 2

Why is international trade essential?

Accepted Answer

It contributes to GDP and allows countries to acquire resources not available domestically.

Question 3

Inelastic Demand in Trade

Accepted Answer

When domestic supply is inadequate for essential goods, making trade a necessity (e.g., Japan importing oil).

Question 4

Comparative Advantage

Accepted Answer

When countries benefit by focusing on producing goods where they have a relative efficiency advantage.

Question 5

Specialization

Accepted Answer

Focusing on specific goods to maximize welfare and hold an advantage over competitors (e.g., Germany and automobiles).

Question 6

What are Trade Policies?

Accepted Answer

Regulations and agreements (tariffs, barriers, safety rules) that govern trade to protect national interests.

Question 7

Tariffs

Accepted Answer

Taxes on imported or exported goods used to protect domestic industries by raising foreign prices.

Question 8

Trade Barriers

Accepted Answer

Measures like duties, subsidies, embargoes, and quotas that make imports less competitive.

Question 9

Safety Regulations

Accepted Answer

Standards ensuring imported products meet quality and safety requirements (e.g., FDA in the US).

Question 10

National Trade Policy

Accepted Answer

A policy focusing on safeguarding a single country's trade and citizens (e.g., 'Make in India').

Question 11

Bilateral Trade Policy

Accepted Answer

Trade regulations between two specific nations (e.g., USMCA).

Question 12

International Trade Policy

Accepted Answer

Rules defined by organizations like the WTO to ensure fair practices between multiple nations.

Question 13

Regulatory Harmonization

Accepted Answer

When governments standardize regulations with international norms to facilitate trade (e.g., the EU).

Question 14

​Trade Policy: Developed Countries

Accepted Answer

Often advocate for free trade with minimal restrictions to stimulate competition.

Question 15

Trade Policy: Developing Countries

Accepted Answer

Often use partially shielded practices (tariffs/subsidies) to protect emerging industries.

Question 16

World Trade Organization (WTO)

Accepted Answer

An international body that sets global trade rules and ensures smooth trade flows.

Question 17

Consensus in the WTO

Accepted Answer

WTO agreements are negotiated and signed by a majority of the world’s trading nations.

Question 18

Criticism of the WTO

Accepted Answer

It is often accused of favoring industrialized nations by forcing market access in developing countries.

Question 19

Outsourcing

Accepted Answer

The practice of contracting business processes to external partners, often in different countries.

Question 20

Subcontracting

Accepted Answer

Delegating part of a contract’s obligations to a specialized third party.

Question 21

"Thickness of the Market"

Accepted Answer

A determinant of outsourcing location based on a country’s size and available resources.

Question 22

Contracting Environments

Accepted Answer

The legal framework influencing a firm’s ability to enforce outsourcing agreements.

Question 23

Challenges of 21st Century Governance

Accepted Answer

Geopolitical tensions, climate change, economic inequality, and cybersecurity threats.

Question 24

Sovereignty vs. Supranational Authority

Accepted Answer

A challenge where national independence clashes with international governing bodies.

Question 25

​The Global South

Accepted Answer

Regions (Latin America, Asia, Africa, Oceania) characterized by lower income and political marginalization.

Question 26

Historical Context of the Global South

Accepted Answer

Shared histories of colonialism and ongoing economic disparities compared to the North.

Question 27

Third World vs. Global South

Accepted Answer

The former was a Cold War term for non-aligned nations; the latter is a modern term for marginalized regions.

Question 28

Economic Disadvantages

Accepted Answer

Poor infrastructure, low education, and inadequate healthcare resulting from colonization.

Question 29

Neo-imperialism

Accepted Answer

Ongoing economic dominance and dictates from wealthy nations or international institutions over poorer ones.

Question 30

Political Marginalization

Accepted Answer

When the Global South's policies are dictated by external entities like the IMF.

Question 31

Impact of the IMF on Global South

Accepted Answer

Stringent economic adjustments that have often led to social and economic hardships.

Question 32

Neoliberal Globalization

Accepted Answer

A version of globalization that critics say exacerbates inequality and marginalizes the poor.

Question 33

"New Internationalism"

Accepted Answer

Resistance and innovation from the Global South, such as Gandhi’s non-violence.

Question 34

Climate Justice

Accepted Answer

Radical environmental notions articulated by the Global South to address global cooperation.

Question 35

Economic Dependency in Latin America

Accepted Answer

Historical reliance on foreign investments and external financial markets.

Question 36

Domestic Financial Resources

Accepted Answer

A suggested shift for Latin America to reduce reliance on external entities for development.

Term	Definition
Week 5: Global Interstate System
International Trade	The exchange of goods, services, and capital across national borders.
Why is international trade essential?	It contributes to GDP and allows countries to acquire resources not available domestically.
Inelastic Demand in Trade	When domestic supply is inadequate for essential goods, making trade a necessity (e.g., Japan importing oil).
Comparative Advantage	When countries benefit by focusing on producing goods where they have a relative efficiency advantage.
Specialization	Focusing on specific goods to maximize welfare and hold an advantage over competitors (e.g., Germany and automobiles).
What are Trade Policies?	Regulations and agreements (tariffs, barriers, safety rules) that govern trade to protect national interests.
Tariffs	Taxes on imported or exported goods used to protect domestic industries by raising foreign prices.
Trade Barriers	Measures like duties, subsidies, embargoes, and quotas that make imports less competitive.
Safety Regulations	Standards ensuring imported products meet quality and safety requirements (e.g., FDA in the US).
National Trade Policy	A policy focusing on safeguarding a single country's trade and citizens (e.g., 'Make in India').
Bilateral Trade Policy	Trade regulations between two specific nations (e.g., USMCA).
International Trade Policy	Rules defined by organizations like the WTO to ensure fair practices between multiple nations.
Regulatory Harmonization	When governments standardize regulations with international norms to facilitate trade (e.g., the EU).
Week 6: Contemporary Global Governance
Trade Policy: Developed Countries	Often advocate for free trade with minimal restrictions to stimulate competition.
Trade Policy: Developing Countries	Often use partially shielded practices (tariffs/subsidies) to protect emerging industries.
World Trade Organization (WTO)	An international body that sets global trade rules and ensures smooth trade flows.
Consensus in the WTO	WTO agreements are negotiated and signed by a majority of the world’s trading nations.
Criticism of the WTO	It is often accused of favoring industrialized nations by forcing market access in developing countries.
Outsourcing	The practice of contracting business processes to external partners, often in different countries.
Subcontracting	Delegating part of a contract’s obligations to a specialized third party.
"Thickness of the Market"	A determinant of outsourcing location based on a country’s size and available resources.
Contracting Environments	The legal framework influencing a firm’s ability to enforce outsourcing agreements.
Challenges of 21st Century Governance	Geopolitical tensions, climate change, economic inequality, and cybersecurity threats.
Sovereignty vs. Supranational Authority	A challenge where national independence clashes with international governing bodies.
Weeks 7 & 8: The Global South (Latin America)
The Global South	Regions (Latin America, Asia, Africa, Oceania) characterized by lower income and political marginalization.
Historical Context of the Global South	Shared histories of colonialism and ongoing economic disparities compared to the North.
Third World vs. Global South	The former was a Cold War term for non-aligned nations; the latter is a modern term for marginalized regions.
Economic Disadvantages	Poor infrastructure, low education, and inadequate healthcare resulting from colonization.
Neo-imperialism	Ongoing economic dominance and dictates from wealthy nations or international institutions over poorer ones.
Political Marginalization	When the Global South's policies are dictated by external entities like the IMF.
Impact of the IMF on Global South	Stringent economic adjustments that have often led to social and economic hardships.
Neoliberal Globalization	A version of globalization that critics say exacerbates inequality and marginalizes the poor.
"New Internationalism"	Resistance and innovation from the Global South, such as Gandhi’s non-violence.
Climate Justice	Radical environmental notions articulated by the Global South to address global cooperation.
Economic Dependency in Latin America	Historical reliance on foreign investments and external financial markets.
Domestic Financial Resources	A suggested shift for Latin America to reduce reliance on external entities for development.

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