10-1 Social Exam (UNIT 3) Flashcards
- Countries who have strong economic growth.
- Standard of living is high.
- Quality of life is high.
Developed Nations
- Countries who have weak economic development.
- Standard of living and quality of life is low.
Developing Nations
An organization that ensures the security of its European member countries is inseparably linked to that of its North American member countries.
(Alliance)
NATO
- Signed between USA, Canada, and Mexico.
- Removed tariffs between countries.
- Example of trade liberalization.
NAFTA
- Signed in 1944 after WWll by capitalist nations.
- They created a system of rules and institutions for the global economy that we still use today.
Bretton Woods Agreement
- Provides loans to member countries in financial difficulties.
BUT countries must - Reduce debt.
-Promote free market principles.
World Bank
They believe that because prices are somewhat rigid, fluctuations in any component of spending, consumption, investment, or government expenditures cause output to change.
Keynesian Economics
Thought governments get involved too much.
Hayek
Wanted gov’t to have a role to get USA out of recessions.
Keynes
Believed that free trade, lower taxes on income and capital, and reduction in the burden of regulation would increase economic growth and improve social well-being.
Friedman
Money, food, or other resources given or lent by one country to another.
Foreign Aid
Established in 1995 to reduce trade barriers to increase trade between countries.
WTO
A major financial agency of the United Nations.
Achieves sustainable growth and prosperity for all of its 190 member countries.
IMF
A supranational political and economic union of 27 member states that are located primarily in Europe.
EU
A type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states.
EX. NAFTA, EU,
Trade Blocs
The trade that occurs when two or more countries eliminate tariffs and taxes on the goods and services they trade with one another.
Free Trade
A process that involves countries in reducing and removing trade barriers, such as tariffs and quotas, so goods and services can move around the world more freely.
Trade Liberalization
The difference in earnings from labor among different races and ethnicities.
Wealth Gap
A business strategy that involves reducing costs by using suppliers of products and services in countries where labour is cheaper and government regulation may be less strict.
Outsourcing
The transporting of goods in standard-sized shipping containers.
Containerization
A situation in which a country tries to protect its own economy by reducing the number of imports and investments from other countries.
Economic Nationalism
Practicing stewardship of the environment and resources so that future generations are able to achieve prosperity.
Sustainable Prosperity
Accepting responsibility for ensuring that the earth’s resources remain sustainable.
Stewardship
The area of the earth’s surface necessary to sustain the level of resources a person uses and the waste she or he creates.
Ecological Footprint
