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Apex econ 6 1 2 weeks small universe essay
Globalization makes greater what?
Interconnections among the people and economies on the planet
The increasing interconnectedness of people and countries around the world is known as what?
The positive effect
The globalization requires an increase in what?
The mobility of goods, companies, labor, and capital
Which of those is required for specialization to happen?
A division of labor
The division of labor amongst workers or perhaps countries allows what?
Specialty area
When tasks in an economy will be specialized, which of the following exists?
Label of labor
Specialization in the global economic climate is restricted in what?
Protective tariffs
What limits specialty area in the global economy?
Control barriers
Increasing field of expertise within the global economy is determined by what?
Foreign trade
When does one region have an absolute advantage more than another country?
When it is production costs are reduced
The moment does one country possess a relative advantage more than another country?
When the opportunity cost of the production is leaner
When ever might a country specialize in creating a particular great?
When it comes with an absolute benefits in development of that very good
Match each of the terms below with its definition.
A. Absolute benefits
M. Comparative edge
C. Opportunity price
M. Protectionism
A. The ability to create more inexpensively
B. The existence of reduce opportunity costs than competition
C. The best substitute given up with a particular creation decision
D. The existence of barriers to free-flowing trade
Match each of the conditions below having its definition.
A. Overall advantage
B. Comparative advantage
C. Specialization
Deb. Interdependence
A. The ability to produce more cheaply
B. The existence of reduced opportunity costs than competition
C. The efficiency of a particular productive task within an economic system
D. The restricted connection between different countries’ economies
Match each of the terms listed below with its classification.
A. Absolute edge
B. Comparative edge
C. Specialization
D. Protectionism
A. A chance to produce more cheaply
B. The existence of lower prospect costs than competitors
C. The performance of any particular successful task inside an economic system
D. The existence of barriers to free-flowing control
What is one of the benefits of increasing economical interdependence?
Greater economic progress
What is one of the drawbacks of increasing monetary interdependence?
Loss of control over the countrywide economy
What result does elevating economic interdependence have around the countries of the world?
Growing foreign trade and rising specifications of living
Which in turn of the pursuing was not a fiscal effect of colonization?
Global financial development
During the period of colonization, developed countries did what?
Extracted methods from their groupe
That which was the relationship among colonizing countries and their groupe?
The colonizers used the resources of their groupe to increase their own economies
Which will of the pursuing does not promote greater intercontinental trade?
Larger tax and tariff levels
Which in turn of the following does not showcase increased international trade and economic development?
High charges
Which will of these is a crucial factor endorsing increased worldwide trade?
The reduction of trade boundaries
Meet each current trend in the global economic system with the economic results.
A. Increased conversation
N. Trade Liberalization
C. Infrastructure creation
D. Industrialization
A. Outsourcing inside the high-tech sector
B. Greater mobility of goods and labor
C. Superior production and transportation
D. Financial growth in developing countries
Meet each current trend with one of its effects on worldwide trade.
A. Increased communication
B. Operate Liberalization
C. Facilities development
D. Industrialization
A. Broadening of foreign trade
B. Lowering of obstacles to foreign trade
C. Facilitation of better international transact
Deb. Spread of international transact to growing countries
Match each current craze with the edge it provides intended for the global economy.
A. Improved interaction
N. Reduction of trade barriers
C. Development of facilities
M. Industrialization
A. Facilitates intercontinental business and trade
B. Allows for a greater flexibility of goods and labor
C. Minimizes production and transportation costs
G. Enables economic growth in developing countries
What is one bad effect of current patterns in global trade?
Job damage and wage decreases in developed countries
Precisely what is one of the drawbacks to the positive effect?
Countries and businesses must reduce income paid to workers in order to attract overseas investment
What is among the benefits of the existing pattern of global trade?
Customers pay lower prices for goods and services
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