Unit 7 Study Guide

In the UK doc film globalization/industrialization, first step Taiwan took to develop economy?

• land reform

• embracing idea of global capitalism

• getting rid of poverty

• creating new technology

In UK doc globalization/industrialization how Nike factory affected Vietnamese economy?

• huge contributor to wealth and freedom

• contributor to globalization

• gave citizens employment

• brought the Vietnamese out of absolute poverty

In UK doc globalization/industrialization, why Kenya struggled industrialize?

• home bureaucracy, abroad export restrictions

• government prevents it from happening

• oppressive and corrupt political officials stop it

• citizens aren't motivated enough to do something about it

Method traces value added by each industry/country in production chain to final export and allocates value added to sources of industries/countries?

• Trade in Value Added (TiVA)

• tarriffs

• import taxes

• export taxes

Ability of individual/group carry out particular economic activity more efficiently than another individual/group?

• absolute disadvantage

• absolute advantage

• monopoly

• cronyism

Ability of individual/group carry out particular economic activity more efficiently than another?

• competition

• comparative advantage

• capitalism

• democracy

Good sent to another country for sale?

• import

• export

• trade

• black market

Measures govts/public authorities introduce make imported goods/services less competitive than locally produced goods/services?

• borders

• trade barriers

• restricted regulations

• corporations

Comparative Advantage?

• efficiency comparison

• ability individual/group carry out particular economic activity more efficiently than another

• ability an individual/group carry out particular economic activity (such as making specific product) more efficiently than another

• comparative efficiency

What did Smoot-Hawley Tariff Act 1930 do?

• caused economic travesty

• resulted in economic depression

• raised US tariffs on over 20,000 imported goods to record levels

• created great depression