International Trade Evolution and Theory

The Republic of 1898 under General Emilio Aguinaldo issued its own coins and paper money backed by the country's natural resources. Two-centavo copper coins were struck at the Malolos arsenal, and one-peso and five-peso revolutionary notes were circulated.

Mobile payments involve using a portable electronic device like a smartphone or tablet to make purchases or transfer money.

NFC payments allow for contactless transactions by using radio waves to communicate between your phone and a payment terminal.

SWB payments use sound waves transmitted from POS terminals to process transactions. This technology allows for secure and efficient payments.

The World Trade Organization is a global intergovernmental organization regulating international trade, aiming to ensure smooth, predictable, and free trade between nations.

A system of international trade with minimal government intervention, where goods and services move freely between countries without tariffs or other barriers.

An economic doctrine emphasizing national wealth through exports and restricting imports to accumulate gold and silver reserves.

An economic theory explaining the automatic adjustment of trade imbalances through gold flows, where a trade surplus leads to gold inflow, raising prices and reducing exports, eventually restoring balance.

The separation of a work process into specialized tasks, performed by individual workers or groups, to improve productivity and efficiency.

The General Agreement on Tariffs and Trade, a multilateral treaty signed in 1947, aimed at reducing trade barriers and promoting international trade.

The primary purpose of the WTO is to open trade for the benefit of all, ensuring that trade flows as smoothly, predictably, and freely as possible.

An international financial institution established in 1944, focusing on economic development and reducing poverty.

An international organization established in 1944, focused on global monetary cooperation, exchange rate stability, and financial assistance.

When a country's exports exceed its imports, leading to more money entering the country.

The second phase of capitalism where factories and industries become the dominant force in production.

A country's ability to produce a good more efficiently and effectively than others, resulting in lower cost and higher quality.

A country's ability to produce a good at a lower opportunity cost compared to others, even if not the absolute best.

The cost of producing one additional unit of a good.

A QR code offers several advantages, including storing large amounts of data, being scannable from screens and paper, surviving partial damage, and offering encryption for security.

Virtual currency, such as cryptocurrencies, needs to be converted to the local currency (like Philippine Peso) before being used for transactions or withdrawn as cash.

Cryptocurrencies function through blockchain, a decentralized, secure system that records transactions in blocks, forming a chain of data.

Cryptocurrencies use cryptography, a coding method, for security, protecting information and transactions from unauthorized access.

The value of cryptocurrencies can fluctuate significantly, rising with increased user adoption and potentially dropping to zero when losing popularity.

A mobile wallet is an app on your phone that stores your payment information, like credit card details, and allows you to make payments securely.

A virtual currency is a digital form of money that is used to exchange goods or services online. It is created and managed by a community of users, not a central authority like a government.

Fiat currency is the physical money (coins and bills) issued and printed by a country's central bank. It is not backed by a physical commodity like gold.

E-money is a digital form of fiat currency stored electronically in digital wallets. It is not a virtual currency, as it represents real, government-issued money.

MST is a payment technology where your phone emits a magnetic signal that imitates a credit card's magnetic strip, enabling contactless payments.

QR code payments use a unique code, scanned by your phone, to process transactions quickly and securely.

Encryption is the process of converting information into an unreadable code, protecting it from unauthorized access.

Tokenization replaces sensitive payment information with a unique, random code, enhancing security during transactions.