CONWORLD - LESSON 4-5 Flashcards
It is composed of people; it is also the sole social institution that handles all production, consumption, and the trade of goods in our society.
Economy
We simply call the economy as our?
Market
What are the three (3) Sectors of Production
Primary Sector
Secondary Sector
Tertiary Sector
It is the service industry.
Tertiary Sector
It focuses on manufacturing finished goods.
Secondary Sector
Activities under this sector are entertainment (cinemas, theaters, television, music, etc.), transportation and distribution, insurance, health care, restaurants, and banks.
Tertiary Sector
This sector of the economy extracts/harvests raw materials from our environment.
Primary Sector
Activities under this sector are metal working, smelting, engineering, breweries and bottlers, and constructions.
Secondary Sector
Activities under this sector are agriculture, fishing, farming, mining and hunting.
Primary Sector
True or False: In lifting community quarantine level, the three sectors of production were considered by the IATF.
True
True or False: Before the rise of today’s modern economy, people only produced goods for their friends.
False (family)
True or False: Nowadays, economy demands the different sectors to work together in order to produce, distribute, and exchange products and services.
True
This is the first big economic change that shaped history.
Agricultural Revolution
They learned how to domesticate plants and animals and they learned that it is more productive than hunter-gatherer societies.
Farmers
When was the second major economic revolution happened?
during the Industrial Revolution period
In the late ninetieth (19th) century, they began to form organizations to improve wages and working conditions.
Labor Union
Inspired by the _____ labor unions demand more protections to get minimum wage laws, reasonable working hours and regulations to protect the safety, limbs, and life of the workers.
Marxist principle
How many competing economic models that sprung up around the time of Industrial Revolution, as economic capital became more and more important to the production of goods?
Two (2)
What are the two (2) competing economic models that sprung up around the time of Industrial Revolution, as economic capital became more and more important to the production of goods.
Capitalism and Socialism
It is a system in which all natural resources and means of production are privately owned.
Capitalism
Adam Smith is an?
Economist
If one leaves a capitalist economy alone, consumers will regulate things themselves by selecting goods and services that provide the best value. Economist Adam Smith called this: the “______” of the market.
invisible hand
A law in the Philippines that was enacted in March 2020 granting the President additional authority to combat the COVID-19 pandemic in the Philippines
R.A. 11469: Bayanihan to Heal as One Act
Occurs when prices among different location or related goods follow similar pattern over a long period of time.
Market Integration
True or False: Sad to say that majority of thriving corporations in the Philippines were owned by the same families which in effect had sole control how prices have to be fix contrary to what was dictated by the “capitol”.
False (Market)
It is a kind of market failure.
Monopoly
True or False: Companies can charge higher prices without worrying about losing customers. As a result, rich people becoming much richer and poor people becoming much poorer.
True
It plays an even larger role in socialism.
Government
The means of production are under collective ownership.
Socialist system
Property is owned by the government and allocated to all citizens, not only those with money to afford it.
Socialism
True or False: Capitalism emphasizes collective goals, expecting everyone to work for the common good and placing a higher value on meeting everyone’s basic needs than on individual profit.
False (Socialism)
When he first wrote about socialism, he viewed it as a stepping stone toward communism, a political and economic system in which all members of a society are socially equal.
Karl Marx
They are described as volatile, uncertain, complex, and ambiguous have to be enlightened first before asking them.
Millenials
True or False: Rather than freeing the workers from inequality the massive power of government gave enormous power and privilege to political elites.
True
In this country, scrupulous businessmen are being blacklisted to ensure equal protection in economic activities.
China
This system was established after World War I, the Great Depression in 1930s, and World War II.
Bretton Woods System
What are the five (5) key element of on the Bretton Woods System?
- Expression of Currency
- Agreement of Monetary Authorities
- Establishment of the International Monetary Fund
- Eliminating Restrictions
- US dollar as the global currency
The official monetary authority in each country- a central bank or its equivalent would agree to exchange its own currency for those of other countries at the established exchange rate, plus or minus a one percent margin.
Agreement of Monetary Authorities
The expression of currency for gold or gold value to establish a par value-this means that to create unified value equivalent, gold was used as an example.
Expression of Currency
United States dollar has been the global basis for currency.
US dollar as the global currency
Restrictions has been eliminated for states that are a member of the IMF in the international trade.
Eliminating Restrictions
The establishment of an Overseer for the exchange rate.
Establishment of the International Monetary Fund
It was created to monitor the exchange rate of every country and would make sure everything is just and proper, preventing over the top rates for monetary exchanges.
International Monetary Fund (IMF)
This has been done to make sure that the trade would be easier for the member-states, hence, would result to a much more stable economy for the member-states.
Eliminating Restrictions
GATT stands for?
General Agreement on Tariffs and Trades
It was one of the systems that were born out of the Bretton Woods.
General Agreement on Tariffs and Trades (GATT)
GATT was established in _____ consisted of _____ forum member countries.
1947
twenty-three (23)
True or False: GATT focused on multifunctional trade agreements.
False (Multinational)
This organization replaced GATT in 1994, and it officially commenced on 1995.
The World Trade Organization (WTO)
This organization aimed on reducing or eliminating trade barriers so that all nations will benefit.
The World Trade Organization (WTO)
True or False: There were criticisms towards the goal of WTO.
True
Trade barriers that were made by developed countries could not be countered enough by the WTO, especially in?
Agriculture
Grain prices increased and food riots occurred in many member-states of the WTO like?
Mexico, Egypt and Indonesia
Rice Tariffication Law was enacted by the?
Philippine Congress
This law was enacted by the Philippine Congress to counter ill effects of unfair trading and help Filipino farmers to produce enough rice to support domestic trades.
Rice Tariffication Law
Serves as a lender or a last resort of countries which needed financial assistance.
International Monetary Fund (IMF)
They were founded after World War II.
International Monetary Fund and the World Bank
It focused on the eradication of poverty through funding specific projects of poor countries, especially, to reach their goals.
World Bank
This was formed because member countries wanted to increase the price of oil, which in the past had relatively low price and had failed in keeping up with inflation.
Organization of Petroleum Exporting Countries (OPEC)
Composed of twenty seven (27) member-states, most of its members in the Eurozone adopted euro as the basic currency but some in the Western Europe did not.
European Union (EU)
Aims to increase in cooperation for improving working conditions in North America by reducing barriers to trade as it expands the markets of the three countries.
North American Free Trade Agreement (NAFTA)
North American Free Trade Agreement (NAFTA) is a trade between?
United States, Canada, and Mexico
When was the North American Free Trade Agreement (NAFTA) created?
January 1, 1994
True or False: IMF had more of a long-term approach.
False (World Bank)
At present our economy is in the start-up stage ready to take off once again which had happened twice during?
President Ramos’ and President Arroyo’s terms
True or False: The administration of President Rodrigo Duterte had enough accomplishments but public expenditures especially in infrastructure development was left behind.
President Noynoy Aquino
It is the movement of a person or a group of people, to settle in another place, often across a political or administrative boundary.
Global Migration
True or False: Migration can be temporal or permanent, and it may be voluntary or forced.
True
True or False: How people migrate depends greatly on each nation’s current immigration laws and the safety of the route itself.
True
True or False: While some migrants are able to travel by airplane or train, others also have the same luxury.
False
True or False: Transportation is one of many examples of how migration can take drastically different forms.
True
It is known as the migration within the country such as cities or provinces.
Internal Migration
It refers to migration outside the country.
International Migration
True or False: Money sent home by migrants helps the country losing people.
True
True or False: Decreases pressure on jobs and resources is an advantage of a country losing people.
True
True or False: Migrants may return with new skills is an advantage of the host country.
False
True or False: People of working age move out reducing the size of the country’s potential workforce is a disadvantage of the host country.
False
True or False: Gender imbalances are caused as it is typically men who seek to find employment elsewhere. Women and children are left. An disadvantage of a country losing people.
True
It indicates a substantial emigration or migration of professionals or skilled individuals. It can result from turmoil within a nation, the existence favorable professional opportunities in other countries, or a desire to seek a higher standard of living.
Brain Drain
True or False: A richer and more diverse culture is an advantage of the host country.
True
True or False: Helps to reduce any labor shortages is an advantage of the host country.
True
True or False: Migrants are more prepared to take on low paid, low skilled jobs is a disadvantage of the host country,
False
True or False: Increasing cost of services such as health care and education is a disadvantage of the host country.
True
True or False: Disagreements between religions and cultures is a disadvantage in a country losing people.
False
True or False: Overcrowding is a disadvantage of a country losing people.
False
Its power emanates from the member countries natural resources and economic prowess.
Organization for Economic Cooperation and Development
It emphasizes profit maximization and competition as the main drivers of efficiency.
Capitalism
It emphasizes collective goals, expecting everyone to work for the common good and placing a higher value on meeting everyone’s basic needs than on individual profit.
Socialism
It is a trade between United States, Canada, and Mexico.
North American Free Trade Agreement (NAFTA)
It was created to monitor the exchange rate of every country and would make sure everything is just and proper, preventing over the top rates for monetary exchanges.
International Monetary Fund
True or False: United states dollars has been the global basis for currency.
True
These are factors in the destination country that attract the individual or group to leave their home.
Pull factors
It refers to conditions which force people to leave their homes.
Push factors
True or False: A person would typically move because of distress, safety, natural disaster, or political conflict.
True
True or False: Although push factors do not require a person to leave their home, the conditions impacting the push factors often negatively impact the quality of life for the person if they choose to stay.
True
True or False: In the 19th century, labor union began to form organization to improve wages and working conditions.
True
It refer to those in need, that is, the world’s poor sectors.
Needs
These are those “imposed by the state of technology and social organization on the environment’s ability to meet present and future needs”.
Limitations
The greatest advantages of this energy are that it is completely free and is available in limitless supply. Both of these factors provide a huge benefit to consumers and help reduce pollution. Replacing non-renewable energy with this type of energy is both environmentally and financially effective.
Solar Energy
It is another readily available energy source. Harnessing the power of this energy necessitates the use of windmills; however, due to construction cost and finding a suitable location, this kind of energy is meant to service more than just an individual. Wind energy can supplement or even replace the cost of grid power, and therefore, may be a good investment and remains a great example of sustainable development.
Wind Energy
It include parks and other areas where plants and wildlife are encouraged to thrive.
Green Spaces
PRRD’s best contribution towards this goal is the enactment of?
Universal Access to Quality and Tertiary Education Law
It took effect in 2015 set out to tackle a whole range of issues, from gender inequality to climate change.
Sustainable Development Goals
No Poverty, end poverty in all its forms everywhere. Economic growth must be inclusive to provide sustainable jobs and promote equality.
Goal 1
Zero Hunger, end hunger, achieve food security and improved nutrition, and promote sustainable agriculture. The food and agriculture sector offers key solution for development, and is central for hunger and poverty eradication.
Goal 2
Good Health and Well-Being, ensure healthy lives for all at all ages. Ensuring the healthy lives and promoting well-being for all at all ages is essential to sustainable development.
Goal 3
Quality Education, ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. Obtaining a quality education is the foundation to improving people’s lives and sustainable development.
Goal 4
Gender Equality. It is regarded not only as a fundamental human right, but a necessary foundation for a peaceful, prosperous, and sustainable world.
Goal 5
Clean Water and Sanitation. Clean, accessible water for all is an essential part of the world we want to live in.
Goal 6
Affordable and Clean Energy. Energy is central to nearly every major challenge and opportunity.
Goal 7
Descent Work and Economic Growth. Sustainable economic growth will require societies to create the conditions that allow people to have quality jobs.
Goal 8
Industry, Innovation, and Infrastructure. Investments in infrastructure are crucial to achieving sustainable development.
Goal 9
Reduce Inequalities. Reduce inequality within and among countries. To reduce inequalities, policies should be universal in principle, paying much attention to the needs of disadvantaged and marginalized populations.
Goal 10
Sustainable Cities and Communities. Make cities and human settlements inclusive, safe, resilient, and sustainable. There needs to be a future in which cities provide opportunities for all, with access to basic services, energy, housing, transportation and more.
Goal 11
Responsible Production and Consumption. Ensure sustainable consumption and production patterns.
Goal 12
Climate Action. Take urgent action to combat climate change is a global challenge that affects everyone, everywhere.
Goal 13
Life Below Water. Conserve and sustain-ably use the oceans, seas, and marine resources for sustainable development. Careful management of this essential global resource is a key feature of a sustainable future.
Goal 14
Life on Land. Sustainably manage forests, combat desertification, halt and reverse land degradation, halt biodiversity loss.
Goal 15
Peace, Justice and Strong Institutions. Access to justice for all and building effective, accountable institutions at all levels.
Goal 16
Partnership for the Goals. Revitalize the global partnership for sustainable development.
Goal 17
It means that we are living within the means of our natural resources. To live in true environmental sustainability, we need to ensure that we are consuming our natural resources such as energy, fuels, lands, water, etc. at a sustainable rate.
Environmental Sustainability
Requires that a business or country uses it resources efficiently and responsibly so that it can operate in a sustainable manner to consistently produce an operational profit.
Economic Sustainability
The social pillar ties back into another poorly defined concept: social license. A sustainable business should have the support and approval of its employees, stakeholders and community it operates in. The approaches to securing and maintaining this support are various, but it comes down to beating a good neighbor and community member, both locally and globally.
Social Sustainability
The rates of renewable resource harvest, pollution, creation and non- renewable resource depletion that can be continued indefinitely.
Environmental Sustainability
A process that promotes well-being within an organization’s own members while also supporting the ability of future generations to maintain a healthy community.
Social Sustainability
Practices that support long-term economic growth without negatively impacting social, environmental and cultural aspects of the community.
Economical Sustainability
As it relates sustainable development, it has to do with the maintaining of cultural beliefs, cultural practices, heritages conservation, culture as its own entity and attempts to answer question whether or not any given cultures will exist in the context of the future.
Cultural Sustainability
