### Flashcard 1

Q: What is the global economy?

A: "International exchange of goods and services expressed in

monetary units. Free movement of goods, capital, services, technology,
and information."

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### Flashcard 2

Q: What are the dimensions of economic globalization?

A:

1. "Globalization of trade of goods and services."

2. "Globalization of financial and capital markets."

3. "Globalization of technology and communications."

4. "Globalization of production."

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### Flashcard 3

Q: What is the role of the World Trade Organization (WTO)?

A: "Ensures trade flows smoothly, predictably, and freely."

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### Flashcard 4

Q: What are the primary actors in economic globalization?

A:

1. Nation-states: "Group of people with shared culture and heritage

under a common government."

2. Global corporations: "Businesses operating in two or more

countries."

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### Flashcard 5

Q: What is the Bretton Woods System?

A: "US dollar was the only convertible currency."

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### Flashcard 6

Q: What are the positive and negative impacts of economic

globalization?

A:

Positive:

1. "Worldwide distribution of income."

2. "Reduces poverty."

3. "Creates mutual dependence between developing and developed

countries."

Negative:

1. "Promotes exploitation."

2. "Creates economic unevenness among nations."

3. "Fosters inequality in expertise, experience, and skills."

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### Flashcard 7

Q: What is market integration?

A: "Separate markets for the same product become one single market."

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### Flashcard 8

Q: What is the difference between horizontal and vertical integration?

A:

- Horizontal integration: "Taking over another company at the same

level of the value chain."

- Vertical integration: "Acquisition of a producer, vendor, supplier, or

distributor."

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### Flashcard 9

Q: What is a customs union?

A: "Member countries adopt a common external tariff."

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### Flashcard 10

Q: What is the role of the World Bank?

A: "Provides long-term capital for reconstruction and development of

member countries."
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### Flashcard 11

Q: What is the International Monetary Fund (IMF)?

A: "Promotes international monetary cooperation and provides financial

assistance to countries in crisis."

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### Flashcard 12

Q: What are the core, semi-peripheral, and peripheral countries?

A:

- Core Countries: "Dominant capitalist countries (e.g., U.S., Japan,

Germany)."

- Semi-peripheral countries: "Less developed than core nations (e.g.,

South Korea, Taiwan)."

- Peripheral countries: "Less developed, dependent on core countries

(usually agricultural)."

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### Flashcard 13

Q: What is global governance?

A: "Political cooperation among transnational actors to address global

problems."

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### Flashcard 14

Q: What are some examples of global governance institutions?

A:

1. "United Nations (UN)."

2. "World Trade Organisation (WTO)."

3. "International Monetary Fund (IMF)."

4. "Paris Agreement on climate change."

5. "Universal Declaration of Human Rights."

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### Flashcard 15

Q: What are the effects of globalization on multinational corporations

(MNCs)?

A:

1. "Access to new markets."

2. "Access to cheaper labor."

3. "Minimize costs through partnerships."

4. "Opportunities for tax reduction."

5. "Coordination challenges."

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### Flashcard 16

Q: What is the gold standard?

A: "Fixed exchange rate regime with gold as the only international
reserve."

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### Flashcard 17

Q: What is the European Monetary System (EMS)?

A: "Exchange rate regime to foster closer monetary policy cooperation

among EEC member states."

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### Flashcard 18

Q: What is the International Bank for Reconstruction and Development

(IBRD)?

A: "Provides funds for economic infrastructure development in member

countries."

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### Flashcard 19

Q: What is the International Development Association (IDA)?

A: "Provides financial support to LDCs with interest-free loans."

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### Flashcard 20

Q: What is the International Finance Corporation (IFC)?

A: "Provides risk capital to private enterprises in developing countries."

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### Flashcard 21

Q: What is the preferential trade agreement?

A: "Lower trade barriers between signing countries."

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### Flashcard 22

Q: What is a free trade area?

A: "No tariffs or trade barriers on goods and services between member

countries."

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### Flashcard 23

Q: What is a common market?

A: "Free movement of labor and capital within the union."

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### Flashcard 24

Q: What is an economic union?

A: "Highest form of economic integration, with integrated monetary,

fiscal, and other policies."
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### Flashcard 25

Q: What is the global interstate system?

A: "Network of relationships between sovereign states, dependent on

the world market."

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### Flashcard 26

Q: What is sovereignty?

A: "Right of a state to govern itself without interference."

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### Flashcard 27

Q: What is interdependence?

A: "Mutual reliance of states on each other."

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### Flashcard 28

Q: What is international law?

A: "Rules and norms governing interactions between states."

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### Flashcard 29

Q: What is the United Nations (UN)?

A: "Promotes global cooperation on peace, security, health, education,

and climate change."

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### Flashcard 30

Q: What is the Paris Agreement?

A: "Framework for countries to reduce greenhouse gas emissions and

mitigate climate change."

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### Flashcard 31

Q: What is the Universal Declaration of Human Rights?

A: "Sets out fundamental human rights recognized globally."

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### Flashcard 32

Q: What is the role of multinational corporations (MNCs) in

globalization?

A: "Agents of globalization, operating in multiple countries."

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### Flashcard 33

Q: What is the World Trade Organization (WTO)?

A: "Sets rules for international trade and resolves disputes."

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### Flashcard 34

Q: What is the International Monetary Fund (IMF)?

A: "Provides financial assistance and promotes monetary cooperation."

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### Flashcard 35

Q: What is the International Development Association (IDA)?

A: "Provides interest-free loans to the world's poorest countries."

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### Flashcard 36

Q: What is the International Finance Corporation (IFC)?

A: "Provides investment and advisory services to private sector

projects in developing countries."

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### Flashcard 37

Q: What is the European Monetary System (EMS)?

A: "Exchange rate regime to stabilize currencies among EEC member
states."

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### Flashcard 38

Q: What is the Bretton Woods System?

A: "Post-WWII system with the US dollar as the global reserve

currency."

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### Flashcard 39

Q: What is the gold standard?

A: "Currencies linked to gold, with fixed exchange rates."

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### Flashcard 40

Q: What is the World Bank?

A: "Provides loans and grants for development projects in developing

countries."

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