FHCE 5100 Study Guide - Comprehensive Final Exam Guide - Consumer Protection, Wic, Temporary Assistance For Needy Families

• School: University of Georgia
• Department: Financial Planning, Housing and Consumer Economics
• Course: FHCE 5100
• Professor: Moorman

Document Summary

For thousands of years, most people lived, worked and died within a small radius of the place where they were born. An umbrella term for a complex series of economic, social, technological, cultural and political changes seen as increasing interdependence, integration and interaction between people and companies in disparate locations. It is not a new phenomenon, although it has accelerated over past years. Information exchange is an integral, often overlooking, aspect of globalization: knowledge represents a highly valuable resource for the developing countries. One (cid:448)ie(cid:449) is that free trade is (cid:862)good(cid:863: expanding to an international market leads to declining costs per unit. Competition from foreign producers reduces market power of domestics: consumers gain from increased variety, quality and lower prices. Countries with open trading systems grew twice as fast as those without. Ex: china can produce more goods than the u. s. for same amount of money (wal-mart) In graph: country a can produce 30m cars or 6m trucks & country.