Chapter 16: Achieving Economic Stability (Misery index (Fact: It is…
Chapter 16: Achieving Economic Stability
Fact: It is assumed that both a higher rate of unemployment and a worsening of inflation create economic and social costs for a country.
Fact:helps determine how the average citizen is doing economically.
Fact: calculated by adding the seasonally adjusted unemployment rate to the annual inflation rate.
Advantages and Disadvantages of international Trade
Fact:International trade helps each country to make optimum use of its natural resources
Fact: Due to foreign competition and unrestricted imports, the upcoming industries in the country may collapse.
Fact:Each country can concentrate on production of those goods for which its resources are best suited.
Globalization (free trade) vs. Protectionism (tariffs and balance of payments)
Fact:Governments may also restrict free trade to limit exports of natural resources
Fact:a policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries
Fact:, also known as balance of international payments
Collectivization vs. Privatization
Fact:It began during and was part of the first five-year plan.
Fact:was a policy of forced consolidation of individual peasant households into collective farms called “kolkhozes” as carried out by the Soviet government in the late 1920's - early 1930's.
Fact:the transfer of a business, industry, or service from public to private ownership and control.
Fact:NAFTA fundamentally reshaped North American
Fact;driving an unprecedented integration between Canada and the United States' developed economies and Mexico, a developing country.
Fact:is a three-country accord negotiated by the governments of Canada, Mexico, and the United States
Fact:The EU has developed an internal single market through a standardized system of laws that apply in all member states.
Fact: is a political and economic union of 28 member states that are located primarily in Europe.
Fact:was established in 1999
Fact:Amazingly, everyone always has a comparative advantage at something.
Fact:To find people's comparative advantages, do not compare their absolute advantages
Fact:Having a comparative advantage is not the same as being the best at something