1.What is Globalization? 2.Mercantile colonialism 3.Globalization and Cities 4.G
ID: 1104304 • Letter: 1
Question
1.What is Globalization?
2.Mercantile colonialism
3.Globalization and Cities
4.Globalization: Winners and Losers
5.Important Economic thinkers (e.g. Marx, Smith, Ricardo, etc) – what do they think?
6.What is economics and why is it important?
7.What are resources?
8.What is a ‘market’ ? What are the assumptions of a ‘market’? What causes market failure?
9.What are the differences between a centrally planned economy and one based on the free market?
10.How do we measure inefficiency?
11.What are externalities?
12.What is opportunity cost and how is it related to efficiency, waste, and standard of living?
13.What is need and is need fixed?
14.What is price and what is its relationship to the allocation of resources?
15.What are profits and what is the relationship of profits to efficiency?
16.What is an economy of scale and what is its relationship to efficiency?
17.What is absolute advantage?
18.What is comparative advantage and what is its relationship to globalization?
19.What is inflation? What is deflation? Which is worse and why?
20.What purposes are served by the banking system?
21.What is the federal reserve and what role does it play in the economy?
22.What is monetary policy and what are the mechanisms used by the Federal Reserve to exercise monetary policy?
23.What is fiscal policy?
24.What are the various ways to measure income?
25.Why do we make PPP adjustments?
26.What is per capita income and why is it important?
27.What is securitization and what role does it play in the economy?
28.Quantitative Easing – what is it? Why is it used?
29.What are externalities?
30.What is liberalization? Structural reforms?
31.What role to the IMF, World Bank and WTO play in the world economy?
Explanation / Answer
Answer 1. Globaliztion is the interaction of people through the growth of the international flow of moeny, ideas and culture. Globalization is primarily an economic progress of integration which has social and cultural aspects as well.It involves goods and services and the economic resources of capital, technology and date.
Answer 2. Mercantilism or mecanttile colonialism was a type of national economic policy designed to maximize the trade of a nation and especially to maximize the accumulaion of gold and silver. Mercantilism was dominant in modernized parts of Europe from the 16th to 18th centuries.
Answer 3. The seven types of global cities driving the world economy. Globalization and urbanization go hand in hand. Global giants: these are the world's leading economic and financial centres, its foremost global cities. They include New York,Los Angeles,London,Paris, Tokyo and /osaka-Kobe.
Answer 4. Globalization has benefited an emerging global middle class, mainly people in places such as China, India, Indonesia and Brazil. But people at the very bottom of the income ladder as well as the lower-middle class of rich countries, lost out.
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