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| TRENT TOWARD GREATER ECONOMIC, CULTURE, POLITICAL, TECHNOLOGY IN TRADE DEPENDANCE AMONG ECONOMICS |
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| national boundries become less relavant |
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| general agreement on tariffs & trade nations treaty disigned to promote free trade by reducing both tariffs & no tariff barriers of international trade |
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| WTO - world trad organization |
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1. help free for of trade
2. help negotiate further opening of markets
3. settle trade dispute between members |
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North American free trade agreement
3 nations Canada, US, Mexico in free trade |
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| belief that ones own ethnic group or culture is superior to that of others |
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| detail knowledge about a culture that enables a person to functin effectively within it |
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| what cultures consider "good taste" in the arts, the imagery envolked by certain expressirs & symbolism in certain colors |
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| belief that every aspects of peoples lives must be controlled for a nations political system to be effective |
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| beliefs that only individuals and private groups should control a nations polital activites |
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| belief that both private & public groups play improtant roles in a nations polittical activites |
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| belief that social & economics wquity can be obtained only by establishing al all powerful communist party & by instituting socialism |
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| economic system in which the government owns & controls all type sof economic activity |
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| Political system in which governmetn leaders are elected directly by the wide part incepation of the people or by their representatives |
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| production belons in the hands of individuales & private business (free market) |
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| forced transger of assets from company to governmetn w/o compensation |
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| forced transfer of assets from company to governemtn w/compensation |
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| governemtn take ofer of an entire industry |
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| set of laws & regulations including the process by which a countyr's laws are enacted enforced the ways in which it courts hold parties accountable for their action |
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| legal system based on countrys legal history past cases that have come befor its courts & how laws are applied in specific situations |
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| based on religious teachings |
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| laws designed to prevent companies form fizing prices, sharing markets and gaining unfair monopoly advantages |
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| system in which the land, factores, and other economice resources are raterh equally split between private & governemtn ownership |
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| policy of selling governemtn owened economics, resources to private operators |
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human development index
mease of the extent to which a governmetn equity provides its people witha long & healthy life an educatin a decent standart of living |
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| country is highly industrialized & hightly effecient whose people enjoy a high quality of life |
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| newly industrilized country |
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| country that has recently increased theportion of its national production of its national production & exports from industrial operations |
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| structure & processes that a country use to allocate its resources & conduct commercial activites |
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| newly industrialized plus those with the portential to become newly industrialized |
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| nation that has a pooly infastructure and extremely low personal income. also called less-developed contries |
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| trade theory that nations should accumulate finacial wealth, usually in the form of gold encourage exprot discourages imports |
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| condition that occures when the value of nations exports is greater than the value of imports |
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| condition that occures when the value of nations imports is greater than its exports |
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| ability of a nation to produce a good more efficiently that any other nation |
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| inablitity of a nation to produce a good more efficiently than other nations, but the ablility to produce that product more efficiently thatn it does any other goods |
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| national competitive advantage theory |
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| trade theory stating that a nations competitiveness in an industry depends on the capacity of the industries to innovate & up grade |
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governemtn tax levied on a product as it enters or leaves a country
export - leaves a country
import - enters a contry
transit = product passes thru |
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| tax leveid as % of state price of import |
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| specific fee per unit of import product |
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| partialy as % of state price & partly as a specific fee for each unit |
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| restriction on the amount of a good that can enter or leave a contry - protects its domestic produers |
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| VER - Voluntary export restraints |
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| unique version of export quota that a nation imposes on its exports usually @ request of an importing nation |
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| decrease rate for certain quanity of imports & increase rate for quantities that exceen the quota |
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| complete ban on trade in one or more products with a particular country |
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| forces driving globalizatonn |
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falling barries to trade and investment
technological innovation |
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organizatin of petoleum exporting countires
a country may limit the export of a good to restrict its supply on world market thereby increasing the international price of the good |
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| centrally planned economy |
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| economic system in which a nation's land, factories, and other economic resources are owned by the governemtn, which plans nearly all exonomic activity |
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| right wing totalitarianism |
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| governemtn endorese private ownership of properyt and market based economy but grants few politial freedoms |
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| use of the latest technologies in some sectors of the economy coupled with the use of outdated technologies in other sectors |
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| exchange of goods or services direcly of other goods or services without the use of money |
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| goverments help to contorl inflatin through this regarding taxation and governemtn spending |
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| controlling money supply and interest rates |
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| replacement of one culture's traditions, folk heroes, and artifacts with substitutes form another |
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| what industry is typically protected |
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| infant industry protection |
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| a country's emerging industries need protection form international competitiion during their development phase until they become sufficiently competitive internationally |
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| financial assistance to domestic produces in the form of cash payments, low interest loans, tax breaks product price supports or other form |
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| By product of central planned market |
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