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Contemporary World > Chapter 3.1 PREFI AND FINALS > Flashcards

Chapter 3.1 PREFI AND FINALS Flashcards

1
Q

is the social institution that has one of the biggest impacts on society

A

Economy

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2
Q

It is a social institution that is composed of people who organizes all production, consumption and trade of goods in the society.

A

Economy

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3
Q

This can also be interpreted in terms of numbers such as the Gross Domestic Product (GDP) and number of unemployed.

A

Economy

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4
Q

They part of our government that monitors our economic state in the Philippines

A

National Economic and Development Authority (NEDA)

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5
Q

They are the only one that has the right to announce data about our economic state whether we are going on a crisis, inflation, or debt of our country.

A

National Economic and Development Authority (NEDA)

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6
Q

What are the three sectors of Economy

A

Primary Sector
Secondary Sector
Tertiary Sector

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7
Q

This extracts raw materials from natural environments.

A

Primary Sector

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8
Q

Workers like farmers or miners are examples of this sector.

A

Primary Sector

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9
Q

This gains the raw materials and transforms them into manufactured are production workers goods.

A

Secondary Sector

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10
Q

The examples of this sector are who manufactured fish and produced canned goods.

A

Secondary Sector

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11
Q

This involves services rather than goods. It offers services rather than making things.

A

Tertiary Sector

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12
Q

Examples of this sector are salons.

A

Tertiary Sector

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13
Q

This phrase suggests that world economies have been brought closer by globalization. This means that since they are borderless, or closer, a big economy has a great impact to other economies or countries in the world. Crises in greater economy or powerful economy may bring weakness or weak effect in other countries. In the same manner, crises on weaker states or economy have less effect on other countries.

A

“When the economy sneezes, the rest of the world catches a cold. ”

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14
Q

After World War I, Great Depression in the 1930s and World War II, major economies in the world had suffered.
Because these countries are afraid to encounter again, lack of cooperation, political instability and economic turmoil, they started to focus on restructuring the world economy and ensuring global financial stability by means of reducing barriers to trade and free flow of money among nations. This is the reason why the _________________ has established

A

Bretton Woods System

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15
Q

It is all about the exchange rate system

A

First Key Element

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16
Q

It is the expression of currency in terms of gold or gold value to establish “a par value”. Meaning, there is an exchange rate. For example, a 35 US dollar fixed by the US per ounce of gold is the same as 175 Nicaraguan cordobas per ounce of gold. The exchange rate therefore would be 5 cordobas for 1dollar.

A

First Key Element

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17
Q

is that “the official monetary authority in each country (a central bank) would agree to exchange its own currency for those of other countries at the established exchange rates, plus or minus a one percent margin.” In the case of the Philippines, there is Bangko Sentral ng Pilipinas. (BSP)

A

Second Key Element

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18
Q

They are the one who overlook our exchange rates. They are the only one who has the authority to state on how much our conversion is into other currencies in the Philippines.

A

Bangko Sentral ng Pilipinas

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19
Q

is the establishment of an overseer for these exchange rates, thus the International Monetary Fund (IMF) was founded.

A

Third Key Element

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20
Q

It is the elimination of restrictions on the currencies of member states in the international trade.

A

Fourth Key Element

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21
Q

is that the US dollar became the global currency.

A

Fifth Key Element

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22
Q

When was GATT established?

A

1947

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23
Q

It is one of the Bretton Woods system. It was established in 1947 and was established as a forum for the meeting of representatives from 23 countries.

A

General Agreement on Tariffs and Trade (GATT)

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24
Q

It focused on trade goods through multinational trade agreements conducted in many “rounds” of negotiation.

A

General Agreement on Tariffs and Trade (GATT)

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25
Q

It was out of Uruguay Round that an agreement was reached to create the ___________

A

World Trade Organization (WTO)

26
Q

Where is the WTO’s headquarter located?

A

Geneva, Switzerland

27
Q

How many members that WTO have?

A

164 members since July 29, 2016

28
Q

is an independent multilateral organization that became responsible for trade in services, non-tarriff related barriers to trade and other broader areas of trade liberalization

A

World Trade Organization (WTO)

29
Q

Trade barriers created by developed countries cannot be countered enough by ____, especially in agriculture. Emerging markets as members of this in the Global South (mostly developing or undeveloped countries) suffered under the industrial nations. Grain prices increased and food riots occurred in many member states of it. (In short, those developing or under developed countries suffered since trade barriers created by developed countries cannot be controlled or countered by it.

A

World Trade Organization (WTO)

30
Q

Another is that the decision-making processes were heavily influenced by larger trading powers, in the so-called “__________” while excluding smaller powers in the meetings. (In short, undeveloped or developing countries’ concerns were not being prioritized or considered in decision-making processsince only those with larger trading powers are included in
decision-making)

A

Green Room

31
Q

He also pointed out that International Non-Government organizations (INGOs) are not involved, leading to the staging of “regular protests advocating for the rights of different sector and demonstrations against the WTO”. (INGOs are or groups, since there is no INGOs who lobby these rights in the policy-making of WTO, there are regular protests and demonstrations initiated by groups or sectors.)

A

Ritzer

32
Q

They were founded after the World War II and their establishment was mainly because of peace advocacy after the war. These institutions both aimed to help the economic stability of the world.

A

International Monetary Fund and The World Bank

33
Q

Both of them are banks, and started as by countries. Most of the world’s countries were members of these institutions. The richest countries were those who handled most of the financing and those who had the greatest influence since they owned most of the wealth of the world.

A

International Monetary Fund and The World Bank

34
Q

The reputation of these two institutions has been dwindling due to practices such as lending the corrupt governments or even dictators and imposing ineffective austerity measures to get their money back. Meaning, since they are the ones who lend money to weaker states, they also have a say or control over the policy or programs of these weaker states to the extent that these programs that they may suggest are ineffective to the weaker states.

A

International Monetary Fund and The World Bank

35
Q

It’s main goal was to help countries which were in trouble at the time (Economy of that country is collapsed or their currency was threatened) and who could not obtain money by any means. ______ therefore serves as a lender or a last resort for countries which needed financial assistance.

A

International Monetary Fund

36
Q

They had a more long term approach. Its main goals revolved around the eradication of poverty and it funded specific projects that helped them reach their goals, especially in poor countries

A

The World Bank

37
Q

is the most encompassing club or the richest countries in the world

A

Organization for Economic Cooperation and Development (OECD)

38
Q

It has 38 member states as of 2021, with Costa Rica as its latest member.

A

Organization for Economic Cooperation and Development (OECD)

39
Q

It is highly influential despite the group having little power.

A

Organization for Economic Cooperation and Development (OECD)

40
Q

“evidence-based international standards”

A

Organization for Economic Cooperation and Development (OECD)

41
Q

“finding solutions to a range of social, economic and environmental challenges.”

A

Organization for Economic Cooperation and Development (OECD)

42
Q

“From improving economic performance and creating jobs to fostering strong education and fighting international tax evasion”

A

Organization for Economic Cooperation and Development (OECD)

43
Q

“Unique forum and knowledge hub for data and analysis, exchange of experiences, best-practice sharing, and advice on public policies and international standard-setting”

A

Organization for Economic Cooperation and Development (OECD)

44
Q

In 1960, It was originally comprised of Saudi Arabia, Iraq, Kuwait, Iran and Venezuela.

A

Oraganization of Petroleum Exporting Countries (OPEC)

45
Q

They are all part of the major exporters of oil in the world.

A

Oraganization of Petroleum Exporting Countries (OPEC)

46
Q

It was formed because member countries wanted to increase the price of oil.

A

Oraganization of Petroleum Exporting Countries (OPEC)

47
Q

List the members of OPEC

A

Saudi Arabia
Iraq
Kuwait
Iran
Venezuela
United Arab Emirates
Algeria
Libya
Nigeria
Angola
Congo
Equatorial Guinea
Gabon
(13 members)

48
Q

Most members in the Eurozone (19) adopted the “euro” as basic currency but some Western European nations like the Great Britain , Sweden, and Denmark did not.

A

European Union (EU)

49
Q

Critics of _______ argue that “euro” increased the prices in Eurozone and resulted in depressed economic growth rates, like in Greece, Spain and Portugal. Maybe the reason is they did not cope with the changes in prices as a result of adopting the currency of ______.

A

European Union (EU)

50
Q

How many memberstate does EU have?

A

is made up of 28 member states but later on had only 27 members due to Brexit.

51
Q

is a trade pact or agreement between the United States, Mexico, and Canada January 1, 1994

A

North American Free Trade Agreement (NAFTA)

52
Q

When was NAFTA created?

A

January 1, 1994

53
Q

It was first created in 1989 with only Canada and the US as trading partners and then Mexico joined in 1994.

A

North American Free Trade Agreement (NAFTA)

54
Q

It helps in developing and expanding world trade by broadening or expanding international cooperation. It also aims to increase cooperation for improving conditions in North America by reducing barriers to trade

A

North American Free Trade Agreement (NAFTA)

55
Q

It was enacted in 1994 and created a free trade zone for Mexico, Canada, and the United States, is the most important feature in the U.S.-Mexico bilateral commercial relationship.

A

North American Free Trade Agreement (NAFTA)

56
Q

As of _____________, all tariffs and quotas were eliminated on U.S. exports to Mexico and Canada under the North American Free Trade Agreement (NAFTA).

A

January 1, 2008

57
Q

creation of this caused manufacturing jobs to transfer from developed nations like Canada or US to transfer to less developed nations (Mexico) in order to reduce the cost of their capital and product. Therefore, loss
of job opportunities for the people of these developed nations

A

North American Free Trade Agreement (NAFTA)

58
Q

What is the replacement for NAFTA

A

United State, Mexico, Canada Agreement (USMCA) or NAFTA 2.0

59
Q

positive impacts of this are lowered prices by removing tariffs, opened up new opportunities for small and medium sized businesses to establish, quadrupled trade between the three countries and created 5 million US jobs.

A

North American Free Trade Agreement (NAFTA)

60
Q

another negative impacts of this are excessive pollution, loss of more than 682,000 manufacturing jobs, exploitation or workers in Mexico (exploitation means workers are being paid in a low wage and less benefits are being enjoyed) and moving Mexican farmers out of business since prices of products of farmers dropped which forced them to leave their farms.

A

North American Free Trade Agreement (NAFTA)

Contemporary World (6 decks)

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