Ap Human Geo Flashcards

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1
Q

Austerity

A

Austerity refers to economic policies implemented by governments to reduce budget deficits during adverse economic conditions. These policies may include spending cuts, tax increases, or a mixture of both.

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2
Q

Brexit

A

an abbreviation for “British Exit,” referring to UK’s decision in a June 23, 2016 referendum to leave the European Union (EU).

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3
Q

Comparative Advantage

A

an economic principle that states a country should specialize in producing and exporting goods it can produce more efficiently (at a lower opportunity cost) than other countries, and import goods that other countries can produce more efficiently.

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4
Q

Complementary Advantage

A

occurs when two regions, through trade, can specifically satisfy each other’s demands.

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5
Q

Deregulation

A

the process of removing or reducing state regulations on industries to create an environment where there’s more competition and efficiency within the market.

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6
Q

EU (European Union)

A

a political and economic union of 27 member states located primarily in Europe. It has developed an internal single market through standardized laws applicable in all member states.

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7
Q

European Commission

A

an institution of the European Union responsible for proposing legislation, implementing decisions, upholding treaties and managing day-to-day operations.

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8
Q

European Parliament

A

the legislative branch of the European Union and one of its seven institutions. It represents the citizens of EU member states and makes decisions on laws, budgets, and other important issues.

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9
Q

Eurozone

A

a monetary union of 19 of the 27 European Union (EU) member states which have adopted the euro as their official currency.

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10
Q

Free Trade

A

an economic policy that allows businesses in different countries to trade without government interference such as tariffs or import/export restrictions.

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11
Q

Liberalization

A

refers to relaxing previous government restrictions usually in areas of social or economic policy. In economics, liberalization often means reducing tariffs or other non-tariff barriers to free trade.

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12
Q

Maquiladoras

A

are factories in Mexico run by foreign companies that export their products back to the home countries.

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13
Q

Mercosur

A

also known as the Southern Common Market, is a South American trade bloc established by Argentina, Brazil, Paraguay and Uruguay in 1991. It aims to promote free trade and fluid movement of goods, people, and currency among member countries.

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14
Q

Monetary Policy

A

refers to the actions undertaken by a nation’s central bank to control money supply and achieve goals that promote sustainable economic growth.

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15
Q

NAFTA (North American Free Trade Agreement)

A

are economic strategies that emphasize the reduction of government intervention in the economy, promoting free-market competition and privatization.

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16
Q

OPEC (Organization of the Petroleum Exporting Countries

A

an international organization founded in 1960 that consists of 13 oil-exporting developing nations that coordinate policies related to petroleum production.

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17
Q

Privatization

A

Privatization is the process of transferring ownership or control of a public service, enterprise, agency or property from the government to the private sector.

18
Q

Supranational Organizations

A

These are international organizations where member states transcend national boundaries or interests to share decision-making power.

19
Q

World Trade Organization (WTO):

A

an international organization designed to supervise and liberalize international trade

20
Q

Neoliberal policies

A

are economic policies that promote free market principles, such as deregulation, liberalization, and privatization. These policies are designed to increase the role of the private sector in the economy and reduce the role of the government.

21
Q

Deregulation

A

Removing or reducing regulations on business, such as laws and regulations that control prices, protect consumers, or protect the environment.

22
Q

Liberalization

A

Opening up markets to foreign competition by reducing tariffs, quotas, and other trade barriers.

23
Q

Privatization

A

Selling state-owned enterprises, such as utilities or transportation companies, to private investors.

24
Q

Austerity

A

Reducing government spending, often in an effort to reduce budget deficits or debt.

25
Q

Free trade

A

Promoting international trade by reducing tariffs, quotas, and other trade barriers.

26
Q

Monetary policy

A

Using tools such as interest rates to control inflation and stimulate economic growth.

27
Q

supranational organization

A

an international organization that operates above the level of individual nation-states. It is a type of international organization that has powers and functions that go beyond those of traditional international organizations, and its member states are willing to cede some of their sovereignty to the organization in order to achieve a common goal.

28
Q

European Union (EU

A

A regional organization that promotes economic, political, and social integration among its member states, which are primarily located in Europe. The EU has its own institutions, such as the European Parliament

29
Q

African Union (AU):

A

A regional organization that promotes cooperation and integration among its member states, which are located in Africa. The AU has its own institutions, such as the African Union Commission and the African Court of Justice, and it works to promote peace, security, and development on the continent.

30
Q

World Trade Organization (WTO)

A

An international organization that promotes free trade
and the liberalization

31
Q

International Monetary Fund (IMF)

A

An international organization that provides financial assistance to member countries in order to help them address balance of payment problems and stabilize their economies. The IMF provides loans to member countries and sets conditions for their use, and it also provides technical assistance and advice on economic policy.

32
Q

Agricultural products

A

Prior to NAFTA, there were tariffs on some agricultural products imported from Canada and Mexico into the United States. Under NAFTA, these tariffs have been eliminated, making it easier for farmers in Canada and Mexico to sell their products in the United States and vice versa.

33
Q

Automobiles

A

NAFTA has made it easier for automobile manufacturers in the United States, Canada, and Mexico to source parts and materials from each other and to sell their finished products in each other’s markets. This has led to the creation of a North American automobile production network, in which parts are shipped back and forth across the borders multiple times during the production process.

34
Q

Services:

A

NAFTA has made it easier for service providers in the United States, Canada, and Mexico to do business in each other’s markets. For example, a Canadian architectural firm can more easily win a contract to design a building in the United States, and a Mexican telecommunications company can more easily sell its services in Canada.

35
Q

Investment

A

NAFTA has encouraged investment in the member countries by eliminating barriers to investment and providing investor protections. For example, a U.S. company can more easily invest in a Mexican manufacturing plant, and a Canadian company can more easily invest in a U.S. software firm.

36
Q

Economic integration

A

The EU has created a single market among its member states, in which goods, services, capital, and people can move freely. This has led to increased trade and investment among the member states and has helped to stimulate economic growth.

37
Q

Political integration

A

The EU has fostered cooperation and collaboration among its member states on a range of political issues, such as foreign policy, defense, and justice and home affairs. This has helped to promote stability and security in Europe.

38
Q

Social integration

A

The EU has worked to promote social inclusion and equality among its member states, for example by promoting the free movement of people and by supporting programs to reduce poverty and social exclusion.

39
Q

Consumer protection

A

The EU has established a range of consumer protection rules and standards that apply across its member states, such as rules on product safety, environmental protection, and food safety. This has helped to ensure that consumers in the EU have access to high-quality and safe products.

40
Q

Environmental protection

A

The EU has established a range of environmental protection rules and standards that apply across its member states, such as rules on air and water quality, waste management, and climate change. This has helped to protect the environment and promote sustainable development in Europe.