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BUSMHR 2000 Exam 1 Study Guide with Complete Solutions Globalization - Answer-The shift toward a more integrated and interdependent world economy. Globalization of markets - Answer-The merging of historically distinct and separate national markets into one huge global marketplace. Globalizati...

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  • October 3, 2024
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EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER
©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISH SEPTEMBER 2024

BUSMHR 2000 Exam 1 Study Guide with
Complete Solutions

Globalization - Answer✔✔-The shift toward a more integrated and interdependent

world economy.


Globalization of markets - Answer✔✔-The merging of historically distinct and

separate national markets into one huge global marketplace.

Globalization of production - Answer✔✔-The sourcing of goods and services from

locations around the globe to take advantage of national differences in the cost and

quality of factors of production.

Factors of production - Answer✔✔-Labor, energy, land, and capital.

General Agreement on Tariffs and Trade (GATT) - Answer✔✔-Institution created by

voluntary agreement between individual nation-states and their functions are enshrined

in international treaties.

World Trade Organization (WTO) - Answer✔✔--GATT successor

-Primarily responsible for policing the world trading system and making sure nation-

states adhere to the rules laid down in trade treaties signed by WTO member states.

International Monetary Fund (IMF) - Answer✔✔--Created in 1944 by 44 nations that

met at Bretton Woods, New Hampshire.

-Established to maintain order in the international monetary system.



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,EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER
©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISH SEPTEMBER 2024
World Bank - Answer✔✔--Created in 1944 by 44 nations that met at Bretton Woods,

New Hampshire.

-Set up to promote economic development.

-Less controversial than IMF

United Nations - Answer✔✔--Established October 24, 1945

-Committed to preserving peace through international cooperation and collective

security.

UN Charter - Answer✔✔-An international treaty that establishes basic principles of

international relations.

UN Four Purposes - Answer✔✔-1. To maintain international peace and security.

2. To develop friendly relations among nations.

3. To cooperate in solving international problems and in promoting respect for human

rights.

4. To be a center for harmonizing the actions of nations.

Group of Twenty (G20) - Answer✔✔--Established in 1999.

-Comprises the finance ministers and central bank governors of the 19 largest

economies in the world, plus representatives from the European Union and the

European Central Bank.

-Originally established to formulate a coordinated policy response to financial crises in

developing nations.

-2008/2009 it became the forum where major nations attempted to launch a coordinated

policy response to the global financial crisis.

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,EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER
©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISH SEPTEMBER 2024
Two main factors that underlie the trend toward greater globalization - Answer✔✔-1.

Decline in barriers to the free flow of goods, services, and capital that has occurred

since WWII

2. Technological change, particularly the dramatic developments in recent decades in

communication, information processing, and transportation technologies.

International trade - Answer✔✔-Occurs when a firm exports goods or services to

consumers in another country.

Foreign direct investment (FDI) - Answer✔✔-Occurs when a firm invests resources in

business activities outside its home country.

Barriers to international trade - Answer✔✔-High tariffs on imports of manufactured

goods.

Consequence of high tariffs - Answer✔✔-"Beggar thy neighbor" retaliatory trade

policies.

Countries would progressively raise their trade barriers against one another.

The Uruguay Round - Answer✔✔--December 1993

-Extended GATT to cover services as well as manufactured goods.

-Provided enhanced protection for patents, trademarks, and copyrights.

-Established the World Trade Organization to police the international trading system.

GATT effect on average tariff rates - Answer✔✔-Average tariffs rates haven fallen

significantly since 1950, now standing above 4%.




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, EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER
©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISH SEPTEMBER 2024
The Doha agenda - Answer✔✔--Cutting tariffs on industrial goods, services, and

agricultural products.

-Phasing out subsidies to agricultural producers.

-Reducing barriers to cross-border investments.

-Limiting the use of antidumping laws.

Lowering barriers to international trade - Answer✔✔--Enables firms to view the world

as their market.

-Allows firms to base production at the optimal location for that activity.

World trade growth - Answer✔✔--Volume of world trade in merchandised goods has

grown TWICE the rate of the world economy since 1950.

-By 2012, world trade was 32 times LARGER than in 1950; but world economy was 8.9

times larger. (bad)

-Volume of world trade was THREE times larger in 2012 than in 1990; world economy

was 1.62 times larger.

Why world trade is growing faster than world GDP - Answer✔✔--Firms are dispersing

parts of their production process to different locations around the globe (decreases

production costs, increases product quality).

-Economies of the world's nation-states are becoming more intertwined as trade

expands.

-The world has become significantly wealthier since 1990 (due to rising trade).




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