Economics

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Globalization is driven by international trade and investment and aided by information technology. It is the process of interaction and integration among the people, companies and governments of different nations, states Globalization 101, a website of the Levin Institute.

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  • What are global trade patterns?

    Q: What are global trade patterns?

    A: Global trade patterns track ever-changing pathways in the exchange of capital, goods and services among nations. The decades leading up to 2014 saw the rise of regional trading blocs, reduced industry in many nations, the increased participation of former communist countries, and the rising stars of China and India.
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  • What are some major industries in Mexico?

    Q: What are some major industries in Mexico?

    A: Mexico’s major industries include food and beverages, iron, steel and petroleum. Since the 1980s, Mexico’s economy has relied primarily on manufacturing.
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  • What are the advantages and disadvantages of a traditional economy?

    Q: What are the advantages and disadvantages of a traditional economy?

    A: Some of the advantages of a traditional economy include a stable marketplace and the preservation of culture and customs, but limiting the power of individual choice and minimal societal progress are clear disadvantages. Various cultures throughout the world maintain a traditional economy for generation after generation to sustain the society. A country’s refusal to adapt to modern ways of living impedes transformational progress for every citizen.
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  • What is a national economy?

    Q: What is a national economy?

    A: A national economy refers to the economy of an entire country. The national economy includes financial resources and management. It encompasses the value of all goods and services manufactured within a nation.
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  • What type of economy does the United States have?

    Q: What type of economy does the United States have?

    A: The United States has a capitalist economy. Capitalism is an economic system in which businessmen privately own the means of production, which is referred to as capital. Free market competition dictates prices and production levels. Under the capitalist system, prices and salaries are determined by supply and demand. The government’s role in this system is to protect the rights of financial motivators of the economy.
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  • What are three types of consumers?

    Q: What are three types of consumers?

    A: The three types of consumers in the animal kingdom are carnivores, herbivores and omnivores. Carnivores eat only meat. Herbivores eat only plants, while omnivores need to consume both plants and meat to satisfy their dietary requirements.
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  • What is the role of entrepreneurs in economic development?

    Q: What is the role of entrepreneurs in economic development?

    A: Entrepreneurs create jobs, disperse wealth and encourage regional development. Entrepreneurs are the basis of economic development, because they create new businesses and products separate from large corporations.
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  • What are the positive impacts of tourism?

    Q: What are the positive impacts of tourism?

    A: Increased opportunities for business income and employment are primary economic advantages gained from tourism. Visitors often come with the intent of spending money on food and lodging, entertainment and souvenirs. Companies providing products and services that appeal to tourists see greater income than they would without the tourists.
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  • What is the largest sector of the macroeconomy?

    Q: What is the largest sector of the macroeconomy?

    A: The largest sector of the macroeconomy is the government. The other sectors of the macroeconomy include the household sector, the business sector and the foreign sector.
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  • What are England's main exports?

    Q: What are England's main exports?

    A: England's main exports include fuels, beverages, tobacco, chemicals and food. England primarily exports to the United States, Germany, the Netherlands, Ireland and France.
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  • Who is the father of economics?

    Q: Who is the father of economics?

    A: Adam Smith is often considered the father of economics. Much of what is considered the standard of market theory was written by him over the course of two books, the "Theory of Moral Sentiments" and "An Inquiry into the Nature and Causes of the Wealth of Nations."
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  • What are the advantages and disadvantages of globalization?

    Q: What are the advantages and disadvantages of globalization?

    A: The advantages of globalization include employment and education while the disadvantages include loss of culture and health issues. Globalization brings countries together to trade and do business with each other.
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  • What are the G7 countries?

    Q: What are the G7 countries?

    A: The member states of the G7 are the United States, United Kingdom, France, Canada, Italy, Japan and Germany. They are collectively known as the "Group of Seven," and represent the world's largest industrialized economies. The G7's finance ministers and heads of state meet periodically to set international economic policy.
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  • What is a comparative advantage compared to an absolute advantage?

    Q: What is a comparative advantage compared to an absolute advantage?

    A: According to Library of Economics and Liberty, comparative advantage is when someone provides a good or service at a lower cost than his competitors. Absolute advantage occurs when a product or service provider is the best at producing a good or service over its competitors.
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  • What type of economic system does Colombia have?

    Q: What type of economic system does Colombia have?

    A: As of 2014, Colombia runs a mixed economic system with major commercial and investment ties to the United States. A mixed economy is one in which both the private sector and the government direct the economy. Colombia's main exports are oil and coal.
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  • What is the difference between a recession and a depression?

    Q: What is the difference between a recession and a depression?

    A: A recession is a period of time that lasts more than a few months where the economy gets significantly worse; a depression is defined as a severe recession where things plummet dramatically. A recession does not always lead to a depression, but a depression is always the result of a recession.
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  • How does technology affect the economy?

    Q: How does technology affect the economy?

    A: Technology has affected the economy through direct job creation, contribution to GDP growth, creation of new services and industries, workforce transformation and business innovation. The use of technology has been linked to marketplace transformation, improved living standards and more robust international trade. Technology has revolutionized virtually every industry in the economy.
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  • How does poverty affect the economy?

    Q: How does poverty affect the economy?

    A: Poverty compromises the market's access to skilled labor which is essential for production of needed goods and services. Poor people lack access to good health care, which presents challenges in workforce productivity. The economy also spends more on health care for people who can’t afford it. Further, poverty poses greater demands for the criminal justice system, which reduces productivity of those incarcerated and results in property damage for those affected.
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  • What are France's major imports and exports?

    Q: What are France's major imports and exports?

    A: The majority of France’s exports include valuable commodities such as steel, machinery, pharmaceutical products, consumer products, petroleum, chemicals, iron and transportation equipment. France’s imports include crude oil, chemicals, aircraft, machinery, plastics and vehicles. The country's major export partners include Germany, Belgium, Italy, Spain, United Kingdom, United States and Netherlands. The major import partners include China, United Kingdom, Germany, Belgium and Italy.
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  • What are traditional economic systems?

    Q: What are traditional economic systems?

    A: Traditional economic systems are economies based on dissemination of resources, products and goods based on rituals, routines and customs. Some nations have traditional economies, while traditional economies exist regionally or locally in other places. Regardless of whether local or national, traditional economies revolve around the production and exchange of simple, staple goods such as food and clothing.
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  • What are Cuba's major imports and exports?

    Q: What are Cuba's major imports and exports?

    A: Cuba's major imports are refined petroleum, packaged medicaments, wheat, corn and soybean meal, and the country's top exports are nickel mattes, raw sugar, refined petroleum, packaged medicaments and rolled tobacco. Cuba also exports citrus, coffee and fish, as well as the services of its doctors and other health care personnel. Other top imports include machinery, equipment and chemicals.
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