INTB Ch. 1: Globalization

Flashcards covering key concepts related to globalization, economic systems, and legal frameworks discussed in the lecture notes.

Gross Domestic Product (GDP)

Monetary value of all finished goods and services produced within a country's borders.

Gross National Income (GNI)

A measure of a country's total income, reflecting the total economic output.

Purchasing Power Parity (PPP)

Economic theory that compares different countries’ currencies through a market basket of goods.

Human Development Index (HDI)

A statistical measure of life expectancy, education, and the standard of living.

Gini Index

A measure of income distribution within a population, ranging from 0 (perfect equality) to 1 (complete inequality).

Globalization

A shift toward a more integrated and interdependent world economy.

Foreign Direct Investment (FDI)

When a firm invests resources in business activities outside of its home country.

World Trade Organization (WTO)

An international organization that regulates and facilitates international trade agreements.

International Monetary Fund (IMF)

An organization that aims to maintain order in the international monetary system and provides loans to countries in need.

The concept of globalization

Merging of historically distinct and separate national markets into 1 huge global marketplace

Outsourcing

Hiring another company to do the work in order to reduce costs

Offshore production

Moving your own company to another country to take advantage of lower labor costs or regulations.

General Agreement on Tariffs and Trade

World trade agreement made to promote international trade by reducing trade barriers

GATT was replaced by __.

World Trade Organization (WTO)

Which global institution do nation-states whose economies are in turmoil turn to as the lender of last resort?

International Monetary Fund (IMF)

Which helps contribute funds to struggling countries (will fund education, development, etc)

World Bank

World Trade Organization (WTO)

policies world trading system and ensures everyone follows rules of WTO treaties

United Nation (UN)

all about peace and solutions

World Bank

promotes development using low-interest loans to governments 

Which global insitution helps contribute funds to struggling countries (will fund education, development, etc)

World Bank

Example of who would not view the globalization view in a positive light

Enviornmentalists or skilled workers

G20

Group of top 20 richest economies in the world