INTB 1203 Exam 1 / Comprehensive Practice Test Study Guide Newest Actual Questions & Answers (A+ Guide Solutions.Globalization - Answer: trend away from distinct natural economic units and toward one huge global market Globalization of Markets - Answer: trend moving away from distinct national markets, toward a system where national markets are moving towards one global market Globalization of Production - Answer: trend by firms to disperse parts of their production process across the globe to minimize costs and maximize quality Factors of Production - Answer: inputs into the productive process of a firm including labor, management, land, capital, and technological know-how
GATT (acronym) - Answer: General Agreement on Tariffs and Trade
GATT (definition) - Answer: international treaty committed to lowering trade barriers and led to the WTO WTO (definition and acronym) - Answer: World Trade Organization, succeeded the GATT
IMF (acronym) - Answer: International Monetary Fund
IMF (definition) - Answer: Int. institution set up to maintain order in the international monetary system 1 / 3
World Bank - Answer: int. institution set up to promote general economic development in the world's power nations United Nations - Answer: int. organization of 193 countries est. 1943, HQ in NYC, promotes peace, security, and cooperation G20 - Answer: made up of central bank governers of 19 largest economies, includes EU Union central banks reps, est. 1999 International Trade - Answer: occurs when a firm exports goods or services to consumers in another country FDI (acronym and definition) - Answer: Foreign Direct Investment, direct investment in business operations in a foreign country Moore's Law - Answer: The power of the microprocessor doubles and costs of production fall 50% every 18 months Stock of FDI - Answer: the total accumulated value of foreign-owned assets at a given time MNE (ac & def) - Answer: Multinational Enterprise, a firm that owns business operations in more than one country One of the most dramatic developments for opportunities over the last 20 years in eastern EU...
- Answer: collapse of communism
1960 US economy vs mid 1990 - Answer: 1960 - US was dominant in the world, 1990 - US share of world output had reduced by 50% 2 / 3
Political Economy - Answer: the political, economic, and legal systems of a country
Political system - Answer: system of government in a nation
Collectivism - Answer: a political system that emphasizes collective goals as opposed to individual goals Socialist - Answer: someone who believes government should own means of production for the common good of society Communists - Answer: those who believe socialism can only be achieved through revolution and totalitarian dictatorship Social Democrats - Answer: those committed to achieving socialism by democratic means (feel the Bern?) Privatization - Answer: the sale of state-owned enterprises to private investors Individualism - Answer: an emphasis on the importance of guaranteeing individual freedom and self-expression ('Merica) Deomocracy - Answer: government is by the people, exercised directly or through elected representatives Totalitarianism - Answer: one person or political party exercises absolute control over all spheres of human life and opposing political parties are prohibited (N. Korea, Hussein's Iraq)
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