Podcast
Questions and Answers
What does Gross Domestic Product (GDP) measure?
What does Gross Domestic Product (GDP) measure?
- Total number of exports and imports in a year
- Total value of all goods and services produced in a country in a year (correct)
- Total amount of foreign investments in a country
- Total population growth in a country annually
What is the primary criticism of Transnational Corporations (TNCs)?
What is the primary criticism of Transnational Corporations (TNCs)?
- They adhere strictly to ethical business practices
- They promote fair trade and sustainability
- They can influence government decisions excessively (correct)
- They contribute significantly to job creation
What challenge does climate change pose to the economy?
What challenge does climate change pose to the economy?
- It has no effect on global trade
- It is unrelated to industrial practices
- It solely decreases agricultural productivity
- It contributes to the industrialization practices affecting the environment (correct)
Why do developing countries attract shipbreaking operations?
Why do developing countries attract shipbreaking operations?
What was the objective of the Paris Agreement established in 2015?
What was the objective of the Paris Agreement established in 2015?
Flashcards
What does GDP measure?
What does GDP measure?
The total value of all goods and services produced within a country in a year.
Who are Frederick Hayek and Milton Friedman?
Who are Frederick Hayek and Milton Friedman?
They are capitalist extremists who strongly favor a capitalist system.
What is the strongest criticism of Transnationals?
What is the strongest criticism of Transnationals?
Transnational corporations can exert significant influence on government decisions due to their economic power, potentially leading to unfair advantages and risks.
What is shipbreaking?
What is shipbreaking?
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What is the UN's commitment to global sustainability?
What is the UN's commitment to global sustainability?
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Study Notes
Gross Domestic Product (GDP)
- GDP measures the total value of goods and services produced in a country in a year.
Transnational Corporations (TNCs)
- Developing countries may offer low labor costs to TNCs looking to outsource production.
Frederick Hayek and Milton Friedman
- Hayek and Friedman are economists who favor capitalism.
Transnational Corporations (TNCs) and Economic Sovereignty
- TNCs can exert significant influence on government decisions.
Globalization and Trade Imbalance
- Globalization can lead to unbalanced trade, with some countries exporting more than they import.
Profit and Ethics
- Maximizing profit can sometimes clash with ethical business practices.
Climate Change and the Economy
- Climate change has substantial impacts on the global economy.
Shipbreaking
- Shipbreaking is the dismantling of ships, often moved to developing countries due to cheaper labor.
The Paris Agreement (2015)
- The Paris Agreement aimed to reduce the effects of climate change.
Traditional vs. Alternative Energy
- Traditional energy sources remain dominant because of affordability.
UN and Global Sustainability
- The UN is committed to a sustainable global economy and environment.
Benefits of Economic Globalization
- Economic globalization may disproportionately benefit wealthy individuals and businesses.
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