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Mind Map - Coggle Diagram
Mind Map
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Trade Organizations, Agreements, and Policy Tools
USMCA- United States, Mexico, Canada Agreement. It is a trade agreement that supports mutually beneficial trade leading to free markets, fair trad and lots of economic growth in North America.
Trade Liberalization- the reduction or removal of restrictions on internatonal trade. It reduces trade barriers, promotes free trade and increased economic growth.
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Production Quotas - a limit, usually set by a government or organization, on the quantity of a good or service that can be produced within a specific time period.
Subsidies - a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
Fair Trade - ensuring farmers and workers, particularly in developing countries, are treated fairly in international trade.
Free Trade - buying and selling goods and services between countries without government restrictions like taxes (tariffs) or quotas.
Protectionism - government policies that aim to shield domestic industries from foreign competition.
The World Trade Organization (WTO) - the only international organization dealing with the global rules of trade.
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Globalization, corporation, and labour practices
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Multinational Corporations- a business that operates in multiple countries, often with a central office in one country
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Fast Fashion- inexpensive clothing clothing produced rapidly by mass market retailers in response to the latest trend
The Race to the Bottom- discribes a situation where competitors, like companies or governments, drive each other to increasingly lower standards or cost often at the expense of quality workers rights or other protections.
Global Supply Chain- a worldwide network that businesses use to produce and deliver goods or services across multiple countries
Consumerism an economic theory that argues that the interests of consumers should be the most important factor in a buissness
Privatization the transfer of a business, industry or service form public to private ownership and control
Debt, Historical Trade Routes, and Economic Theorists
Debt Trap- a situation where borrowing money leads to a cycle of increasing debt and it is very difficult to escape
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Belt and Road Initiative- a global infrastructure development strategy led by China. It aims to build land and maritime projects to connect China to the rest of the world foresting trade and economic cooperation
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Adam Smith- a philosopher who is considered the father of modern economics. He wrote a book called the Wealth of the Nations.
John Maynard Keynes- Known for the general theory of employment, interest and money
Milton Friedman- Made a theory that argues the main responsibility of a business is to maximise their revenue and increase returns to shareholders
Frederick Hayek- he was best known for his contributions to political economy, political philosophy and intellectual history
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