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Lecture 13

PSY 3010 Lecture Notes - Lecture 13: International TradeExam

Course Code
PSY 3010

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Chapter 18 (413)
1. Globalization involves an increased cross-border flow of trade in goods, services, and financial assets,
along with increased international mobility of technology, information, and individuals.
4. The pace of globalization has quickened since the 1950s because of many technological advances.
6. People believe that free trade agreements put people out of jobs. Corporations only make
agreements that will benefit them more than the citizens of the world.
7. International trade keeps prices low and quality high. It helps bring wealth to some of the more poor
8. Fair trade differs from “free trade” because it focuses on the wages and working conditions of labor in
developing markets where wages and working conditions are otherwise poor compared to their more
developed counterparts. Fair trade would be more beneficial than damaging “free trade” because free
trade” emphasizes the reduction in barriers between countries and the elimination of preferential
policies that favor countries or specific industries.
Chapter 19 (433)
1. They must be mutually beneficial because both countries are giving something up and it should
be fair that they both benefit from the exchange.
8a. The United States would be more able to produce computers at a higher and cheaper rate than
other countries.
8b. The United States has a lot more factories able to produce computers than other countries.
8c. There are more technology graduates in the United States.
8d. The computers made in the United States are proven to last longer.
8e. The world prefer computers made in the United States.
9. Terms of trade.
10. They do not benefit as greatly as the country they are trading with.
11. They are similar in size and production.
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