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9 Cards in this Set

  • Front
  • Back
World Wide Economic Problems
Pollution- More people die from unsafe water than from all forms of violence.

Wealth Inequality

Persistent Poverty- 1/4 of the world in in poverty

Military spending
Pareto Efficiency
Trade is a win-win situation because if both parties in an economic trade did not gain, they would not be involved
Economies of scale
Cost per unit decreases as the quantity of the product increases (more expensive to produce 1 TV rather than 500)
Absolute Advantage
A country has a monopolistic position for a good or produces an item at the lowest cost
Comparative advantage
A country can supply a good with a small sacrifice of alternative goods and services than the rest of the trading world
Benefits of Globalization (4)
Growing economic interdependence- Increased standards of living, more choices everywhere

Improved environmental protection

Better working conditions

Improved social and economic status of women
Problems of Globalization (7)
Loss of jobs

International organizations can intrude into national sovereignty

Gap between 'haves' and 'have nots', dangerous working environments for some people. Illegal sweatshops

Poor working conditions- as labor shifts so do working conditions in these countries

Child and forced labor - Nike used children to assemble shoes

Environmental problems

Dominance of American values and culture
Benefits of free trade
Lower prices - Cheap labor from other countries makes products cheaper

More choices of goods
Barriers of free trade
Focus on national interest- govt. focuses on their own people rather than the whole world

Corruption - large business owners

Legal restrictions - Tariffs, Health and safety standards, subsides, dumping