Chapter 1. The International Economy and Globalization
Hari ini kita akan bincang maksud globalisasi dari konteks ekonomi antarabangsa. Sila lihat "key concepts and terms". Ini adalah senarai kata kunci yang penting dalam bab ini. Dalam bab ini definisi setiap terma adalah perkara yang perlu dihafal.
Today we will discuss the meaning of globalization from the international economic context. Please see "key concepts and terms". This is a list of important keywords in this chapter. In this chapter, the definitions of every term are the things that need to be memorized.
3. Identify the major fallacies of international trade.
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Group B
1. What are some of the major arguments for and against an open trading system?
Answer: Open trading system maintain that free trade lead to lower cost, produce more product, more efficient production method and more consumption choices. But, open trading system will cause high competition between domestic firms and foreign firms and even the workers. It is also argued that during that periods of national emergency, it is in the best interests of a nation to protect strategic industries.
2. What factors influence the rate of growth in the volume of world trade?
Answer: the level of domestic economic activity like prosperity versus recession will influence the rate of growth in the volume of world trade. The other factor is restrictions imposed by countries on their imports.
3. Identify the major fallacies of international trade.
Answer: trade is zero-sum activity.
Imports reduce employment and burden the economy.
Tariff and quotas will save jobs and promote a higher level of employment.