Trade and the World Economy (7.6)

Trade and the World Economy

Multiple Choice

Is this:

• Los Angeles, CA

• San Francisco, CA

• Brooklyn, NY

• Washington, D.C.

Complementarity is when one country can supply the demand for resources and goods in another country.

Trade is often determined by complementarity, not geography.

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Complementarity

When a country produces a good for a lower cost than another country.

Instead of producing everything, countries specialize in certain goods and services.

Analogy: Doctor and mechanic

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Comparative Advantage

Supporting free market capitalism by removing market barriers.

One common way this is done is by removing tariffs (taxes on goods coming into a country)

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Neoliberalism

Multiple Choice

Review: Where are Break of Bulk Points typically located?

• Where modes of transportation change

• In large rural areas

• In the capital city of every state

Multiple Choice

What are the three categories for countries in Wallerstein's World Systems Theory?

• leading, following, trailing

• primary, secondary, tertiary

• upper, lower, middle

• core, semi-periphery, and periphery

Multiple Choice

Where is the largest concentration of least developed countries in the world?

• Africa
• Asia
• Latin America

• Europe

Multiple Choice

A group of dentists offices being built next to each other is an example of:

• Agglomeration

• Competition

• Urban Hierarchy

• Gender Inequality

Multiple Choice

Which industry (economic sector) has grown the most in the USA and is now the most common?

• Leadership (Quaternary)

• Agriculture (Primary)

• Service (Tertiary)

• Manufacturing (Secondary)

Multiple Choice

What is the main idea of space time compression?

• Increase in the time it takes for information to travel across space

• Decrease in the amount of space available for travel
• Since the world is more connected than ever, it feels much smaller