Table of Contents
What are the standards designed to do?
They: provide a common language to measure and evaluate performance, make interoperability of components made by different companies possible, and. protect consumers by ensuring safety, durability, and market equity.
Which best describes the effect negative incentives have on a certain course of action quizlet?
Which best describes the effect negative incentives have on a certain course of action? They make the action less profitable. Why might a country choose to devalue its currency? Why do developing countries usually have less variety in their economic activities?.
Why do developing countries usually have less variety in their economic activities quizlet?
Why do developing countries usually have less variety in their economic activities? Limited access to education means that people are not trained to work in industry or technology. People who can read and who receive an education are eligible for higher-paying jobs.
What type of economic growth do most developed economies experience ?’?
Most developed economies experience slower economic growth as compared to developing countries. For example, in 2016, India had a growth rate of 7.1% while the American economy was only growing at 1.6%.
How do indicators relate to standard of living quizlet?
How do indicators relate to standard of living? Indicators comprise the measure of standard of living. What are standards designed to do?.
What steps must countries take to transition?
They must decrease private ownership. They must establish a fair labor market. They must discourage foreign investment. They must open up trade to other countries.
What conclusion can be drawn about trade between the United States and China?
Based on the graph, what conclusion can be drawn about trade between the United States and China? The United States has a trade surplus with China. China’s economy is declining, which has harmed trade.
What are effects of globalization?
In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods.
How Does globalization cause the foreign sector to influence the economy?
How does globalization cause the foreign sector to influence the economy? The foreign sector influences how imports and exports move between firms and households. more options and lower prices.
Which form of transportation has led to more efficient business in a global market?
cargo ships. Cargo ships have led to more efficient business in the global market owing to their interconnective nature as they link continents separated by sea or ocean.
How might foreign investment be problematic for a transitioning economy?
How might foreign investment be problematic for a transitioning economy? Foreign investment can temporarily slow economic growth. It may be difficult to adjust to another nation’s influence. A foreign government may seize control of the country.
What is the name of the period when an economy begins to shrink?
When an economy begins to shrink it is called recession.
How is the standard of living in a country determined?
The generally accepted measure of the standard of living is GDP per capita. 2 This is a nation’s gross domestic product divided by its population. The GDP is the total output of goods and services produced in a year by everyone within the country’s borders.
What are the 3 main determinants of economic growth?
There are three main factors that drive economic growth: Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement.
What are the 4 factors of economic growth?
Economic growth only comes from increasing the quality and quantity of the factors of production, which consist of four broad types: land, labor, capital, and entrepreneurship.
What is meant by standard living?
Standard of living generally refers to wealth, comfort, material goods, and necessities of certain classes in certain areas—or more objective characteristics—whereas quality of life is more subjective and intangible, such as personal liberty or environmental quality.
How is standard of living measured quizlet?
GDP divided by the population. It identifies an average how many products each person makes. GDP per capita is the best measure of a nation’s standard of living.
What does macroeconomics focus on trying to understand check all that apply?
Macroeconomics studies how money functions within the economy. Economics create models to understand how the economy works.
What steps must countries take to transition into a mixed market economy Check all that apply?
They must decrease private ownership. They must establish a fair labor market. They must discourage foreign investment. They must open up trade to other countries.
How has globalization made countries more interdependent check all that apply quizlet?
How has globalization made countries more interdependent? – Countries now rely on one another for chances to import. – Countries rely on each other for cheaper products. – One way to measure economic growth is by using GDP, which stands for Countries now rely on one another for chances to export.
What does International Monetary Fund seek to accomplish for developing countries?
The International Monetary Fund aims to reducing global poverty, encouraging international trade, and promoting financial stability and economic growth. The IMF has three main functions: overseeing economic development, lending, and capacity development.
Which is the best conclusion that can be drawn about the economies of the US and Western Europe?
9.1 Based on the map, which is the best conclusion that can be drawn about the economies of the US and Western Europe? The US and Western Europe are strong because they have high GDPs.
Which statement best describes the trade relationship between us and Ghana?
Explanation: The US and Ghana have very good relations in multiple sectors, and one of those sectors is the economy. The two countries have been having a constant increase in trade between each other, and the trend keeps on going, with each year bringing in more and more trade..
Which statement best describes the trade relationship between the US and China quizlet?
Which of the following best describes the relationship between the United States and China? Both are dependent equally on each other for continued economic success. Which statement best summarizes the effects of Communist East Asian governments’ attempts to develop their economies through a focus on heavy industry?.
How does globalization affect human life?
In many instances, quality of life has improved for those who live in developing nations. For many developing nations, globalization has led to an improvement in standard of living through improved roads and transportation, improved health care, and improved education due to the global expansion of corporations.
What are some examples of globalization in everyday life?
Other Globalization Examples The Olympics began in ancient Greece and continue today. The FIFA World Cup has more viewers than any other sporting event in the world. Travel and tourism allows for the globalization of many things, like the exchange of money, cultures, ideas and knowledge.
What Globalisation means?
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Which statement describes the influence of globalization on most economies check all that apply?
The statements that describe the influence of globalization on most economies are the following: most countries are increasingly specializing in production, most countries are becoming more interdependent, and most countries are increasingly influenced more on the foreign sector.
