SSP Flashcards
(93 cards)
From 1633 to 1853, the _____ decided to severely restrict Japan’s trade relations with other countries. It did not create a huge impact on the global economy in a way it would if the present-day government of Japan suddenly decides to close its economy to the world.
Tokugawa Shogunate
Most of the events happening in one economy are expected to have an impact overseas- both ___ and ___.
Regional and Global
A deeper _____ characterizes the contemporary global economy. The world is experiencing greater flows of money from investments to overseas remittances or international financial aid to countries needing it.
International Trade
The increasing integration of economies around the world through the movement of goods, services, capital, labor, and technology across international borders is what we refer to as ?
Economic Globalization
True or False
one economy opens to other economies, it tries to the global community deepen while its exposure to the global impact of an economic event increases.
True
This raises awareness of other peoples’ cultures or ways of life. For instance, the introduction of smart phone in our country did not only increase our dependence on internet-based applications but also underscored how other economies have become highly dependent on electronic transactions.
Economic globalization
The advent of the internet, which continues to reach a higher penetration rate along with people’s access to it, has significantly reduced ___ and ___.
Transport and Communication
It has practically eliminated face-to-face transactions and the need to build a physical store.
It also increases the speed of the movement of goods and services from all parts of the world.
Internet
the reduction of ____ such as import tariffs or quotas have allowed increased flow of goods, services, and even knowledge across national boundaries.
Trade Barriers
____ have provided consumers with wider variety of goods at lower prices while increased competition pushed local companies to innovate and improve to remain relevant in the market.
Higher imports
stronger ___ have contributed to economic growth, job creation, and rising household income.
Exports
• At the end of the _____, the United States emerged as the dominant political and economic power in the world. The US became the world’s primary source of industrial goods, capital, and development aid.
Second World War
• Financial support received by an exporting firms from many developed or rich countries from their government
Export Subsidy
• These forms of assistance from the government help exporters to reduce its cost of producing the good and sell it at a lower price which can weaken foreign competition.
Export Subsidy
It may come in the form of low-cost loans, tax relief for exporters, or even direct payments to exporters by the government.
Subsidies
• Plays a major role in shaping the global economy
• It increases and strengthens linkages among nations and contributes to the industrialization of their respective economies.
International Trade
• It promises prosperity, which serves as a strong motivation for smaller countries to open their economies and make it globally competitive.
International Trade
A pact between two or more nations to reduce barriers to imports and exports among them.
Free Trade Agreement (FTA)
This set-up, agricultural producers from developed countries will lose to those who come from developed countries.
• In an ideal free trade set-up
the ____ extended by developed countries to their agricultural producers provide unfair advantage to these producers from developing countries.
Subsidies
• Refers to reducing the barriers among countries to transactions and to movements of goods, capital, and labor, including harmonization of laws, regulations, and standards.
• Countries are forming smaller economic unions or regional trading blocs
Economic Integration
Economic Integration
- European Union (EU)
- ASEAN Economic Community for Southeast Asian countries
- North Atlantic Free Trade Agreement (NAFTA)
- is a powerful alliance of 27 European countries that promotes democratic values among its members. It serves to facilitate political and economic integration throughout the region. Many, though not all, of its members share the euro as their official currency.
European Union (EU)
The EU countries are:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary.
Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
