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39 Cards in this Set
- Front
- Back
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Goods, services, and labor |
Markets |
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Deals with economic interactions that occur between independent nations |
International Economics |
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Revolution which in terms of scope and significance is comparable to the Industrial Revolution |
Globalization |
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Speed, depth, immediacy resulting from the tremendous improvements in telecommunications and transportation, massive international capital flows resulting from elimination of most restrictions on their flow across national boundaries |
Present globalization |
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More efficient utilization of labor, it leads to job losses and lower wages for less skilled labor in advanced nations and harms the nations of emigration |
Labor migration |
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Lead to the more efficient use of capital throughout the world, as well as provide opportunities for higher returns and risk diversification for individuals and corporations |
Financial globalization and unrestricted capital flows |
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Blames globalization for many human and environmental problems throughout the world, and for sacrificing human and environmental well-being to the corporate profits of multinationals |
Anti-globalization movement |
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Being blamed for world poverty and child labor in poor countries, job losses and lower wages in rich countries as well as environmental pollution and climate change throughout the world |
Globalization |
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Has many social, political, legal and ethical aspects and so economists need to work closely with other social and physical scientists as well as with the entire civil society |
Globalization |
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Stretching across a continent and rich in a variety of human and natural resources, can produce, relatively efficiently, most of the products it needs |
United States |
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Rough measurement the economic relationship among nations |
Interdependence |
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Given by the ratio of their imports and exports of goods and services to their GDP |
Interdependence |
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Total value of all goods and services produced in the nation in a year |
GDP |
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Reduce trade barriers across nations may lead to an increase in the exports of high technology goods and thus to an increase in employment and wages in those industries in the US |
Trade negotiations |
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Reflected in the flow of goods, services, labor and capital across national boundaries |
Interdependence |
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Postulates that the bilateral trade between two countries is proportional or at least positively related to the product of the two countries, GDPs and to be smaller the greater the distance between the two countries |
Gravity model |
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Internationally of people |
Migration |
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Another measure or indicator of economic integration and globalization in the world economy |
International flow of labor and capital |
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More restricted and regulated than the international flow of goods, services, capital |
Migration |
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Flows more freely across national boundaries than people |
Capital |
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Generally move to nations and markets where interest rates are higher and foreign direct investments in plants and firms flow to nations where expected profits are higher |
Financial or portfolio capital |
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Predict and explain |
Economic theory |
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Abstracts from the details surrounding an economic event in order to isolate few variables and relationships deemed most important in predicting and explaining the event |
Economic theory |
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Assumes a two nation, two commodity, two factor world |
International economic theory |
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Assumes no trade restrictions to begin with, perfect mobility of factors within the nations but no international mobility, perfect competition in all commodity and factor markets and no transportation costs |
International economic theory |
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Examines the effectiveness of macroeconomic policies under different types of international monetary arrangements or monetary systems |
International economic theory |
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Deals with the economic and financial interdependence among nations |
International economics |
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Analyzes the flow of goods, services, payments, and monies between a nation and the rest of the world, the policies directed at regulating these flows, and their effect on the nation's welfare |
International Economics |
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Analyzes the basis and the gains from trade |
International trade theory |
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Examines the reasons for and the effects of trade restrictions |
International trade policy |
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Measures a nations total receipt from and total payments to the rest of the world |
Balance of payments |
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Institutional framework for the exchange of one national currency for others |
Foreign exchange market |
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Deals with the mechanisms of blank disequilibria |
Adjustments in balance of payments |
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Analyzes the relationship between the internal and external sectors of the economy of a nation and how they are interrelated or interdependent with the rest of the world economy under different international monetary systems |
Open-economy macroeconomics |
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Deal with individual nations treated as single units and with the relative price of individual commodities |
International trade theory and policies |
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Deals with the total receipts and payments, as well as with adjustment and other economic policies that affect the level of national income and the general price level of the nation as a whole |
Balance of payments |
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Opens economy macroeconomics |
International finance |
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Economic relations among different parts of the same nations |
Interregional economic relations |
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Differ from interregional economic relations requiring somewhat different tools of analysis and justifying international economics as a distinct branch of economics |
International economic relations |
