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| Analysis of how scarce resources are distributed to producers, and how scare goods and services are available among consumers. |
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The ability of one business or entity to engage in production at a lower opportunity cost than another business or entity.
--Think of the Zombies vs. humans comparative advantage model.
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| The ability of an economic actor (an individual, a household or a firm) to produce some particular good or service with a smaller total input of economic resources (labor, capital, land, etc.) per unit of output than other economic actors. |
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Definition
Country Wine Cloth
X 12 6
Y 2 4
(Worker Hours Needed to Produce One Unit of)
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| Taxes importers pay before their goods can enter a country. |
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| Means of preventing foreign goods from competing with domestic goods. |
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Term
General Agreement on Tariffs and Trade (GATT) |
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| An agreement established in 1947 to encourage freer trade. Several Rounds of GATT rules negotiations since its founding progressively lowered tariffs and nontariff barriers to trade among member states. |
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World Trade Organization (WTO) |
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Definition
| The WTO deals with the rules of trade between nations. |
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Term
International Monetary Fund (IMF) |
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Definition
Established as part of the Bretton Woods system, the IMF is a global lending agency that originally was to aid industrialized nations in stabilizing their economies after the shocks of the Great Depression and World War II. Its goals today are promotion of market economies, free trade, and high growth rates. |
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- An international banking organization established to control the distribution of economic aid among member nations, and to make loans to them in times of financial crisis
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Fixed Exchange Rate System |
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Definition
| WHen currency exchange rates are set and not responsive to supply and demand. |
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Foreing Direct Investment (FDI) |
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Definition
| Investment in business in one country by a firm in a foreing country. |
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Gross Domestic Product (GDP) |
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Definition
The total value of goods produced and services provided in a country during one year. |
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Gross National Income (GNI) |
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Definition
- GDP plus net income from abroad.
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Gross National Product (GNP) |
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Definition
The total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments |
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Definition
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Some Countries are very rich in resources, yet the people are not. |
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Definition
A state's ability to impose its power (military force) which include:
1) States who can mobilize and supply the their army the quickest.
2) The hardware (ships, transport aircraft, and land vehicles).
3) Software: ability to analyze large amounts of strategic data.
4) Geography: A state's abundance of ports and relative location to the sea is very important in a state's ability to mobilize and transport its troops. |
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Absolute increases in wealth or strength, regardless of others' increases. |
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Increases in wealth or strength relative to others. |
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One entity's loss is another's gain. and vice versa. |
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When there is no higher authority to which to appeal. |
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Distrust between two states where an increase in defensive capabilities in one state creates fear within an enemy state; as a result the enemy state anticipates a threat and increases its defensive capabilities. This occurs as a result of a state's absolute power (total power) and relative power (power relative to other states')
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| One state will not attack the other for fear of mutual destruction; the state must be sure the gain(s) are greater than the losses. |
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A strategy that attempts to force an adversary to reverse some action has already been taken. |
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| A defensive attack carried out when a fundamental threat to vital interests is identified or when an attack by an opponent is believed to be imminent. The underlying motivation holds that "the best defense is a good offense." |
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| A defensive attacl carried out when an attack by the opponent is considered to be possible in the future but not an imminent threat. |
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| Dominance or leadership, usually with regard to a preponderant world power in a unipolar system. |
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Balance of Power Politics |
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The division, distribution, or separation of powers within a national political system. |
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A policy of dissuaging aggressors from attacking by conceding part of their demands to satisfy their appetite for expansion. |
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The ability to enforce power with military might. |
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| Power that is used by non-violent means, instead soft power is something that influences a person's decisions in a positive way. Like the United State's strong military power and well-developed economy; something that attracts someone. |
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A state's ability combine hard power and soft power in a benficial way. |
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