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Social Studies 10-1 > Economic Globalization > Flashcards

Economic Globalization Flashcards

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Praxis (5004) - Elem. Ed: Social Studies flashcards
1
Q

whats corporate welfare

A

financial assistance given by the government to corporations

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2
Q

whats Walmarts controversy

A

they hire lots of part-time employees instead of having fewer full-time employees so that they never have to pay overtime and don’t have to cover benefits for their employees

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3
Q

whats opening price point

A

an advertising method that shows the absolute lowest price of a product which draws people in because they think all products are prised like that

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4
Q

how does the ocean make up for rising temperatures

A

it absorbs most of the access heat

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5
Q

what are the 5 solutions to restoring biodiversity and saving the planet

A

raise standard of living so that population growth plates, switch to renewable energy, restore the health of oceans/marine life, reduce area needed to farm and change diet to restore wildlife, halt deforestation and begin to plant native trees

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6
Q

whats the basis of the economy

A

transactions

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7
Q

what are transactions

A

chain reactions during the buying/selling of one thing that occur between people with goods/services within a market

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8
Q

whats capitalism good for

A

the creation of prosperity

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9
Q

what are the 5 stages in a materials economy

A

extraction, production, distribution, consumption and disposal

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10
Q

what type of system is a materials economy

A

linear system

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11
Q

what is extraction

A

the use of resources from the natural world through natural resource exploitation

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12
Q

whats production

A

use of energy to mixe toxic chemicals in with the resources to make toxic contaminated products

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13
Q

what do toxins do to the food chain

A

they build it up

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14
Q

whats distribution

A

process of selling everything as quickly as possible with the goal to keep prices down and ensure sales are continuous

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15
Q

whats planned obsolescence

A

making stuff to become unusable as fast as possible without causing a consumer to lose faith in the product in order to get you to consume more

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16
Q

whats perceived obsolescence

A

changes the way you look at things, convincing consumers to throw away things that are still perfectly usable

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17
Q

who and why was consumption designed

A

designed by politicians to ramp up the economy after WWII

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18
Q

what does disposal do to the world

A

pollutes air, land, water, wrecks the climate, and makes more super toxins through incineration of garbage

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19
Q

what are the 4 steps in writing a source analysis

A

what is the source, what do you know about the source, what is the source trying to convey, an example of what it’s trying to convey

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20
Q

whats IMF stand for

A

international monetary fund

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21
Q

what does the international monetary fund do

A

gives low-interest funds to less-developed nations to help their economy

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22
Q

whats wb stand for

A

world bank

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23
Q

what does the world bank do

A

provides loans and grants to the governments of nations to help them pursue capital projects

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24
Q

whats WTO stand for

A

world trade organization

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25
Q

what does the world trade organization do

A

increase international trade through the lowering of trade barriers in order to make trade more predictable as well as reduces big wars and large amounts of deaths

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26
Q

whats NAFTA stand for

A

North American free trade agreement

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27
Q

whats the North American free trade agreement od

A

removes over half of the trade barriers between North American countries to encourage trade, as well as unites NA through reduction of tariffs

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28
Q

whats a tariff

A

tax on goods that come into your country

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29
Q

whats EU stand for

A

European union

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30
Q

whats the European union

A

agreement between European nations that liberalizes a trading area to make access to goods services and money much easier and to increase the ability for people to move throughout the continent

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31
Q

whats OPEC stand for

A

organization of the petroleum exporting countries

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32
Q

what does the petroleum exportation organization do

A

coordinates and consolidates the policies about petroleum production and output in order to stabilize the oil markets and make more money

33
Q

whats GATT

A

general agreement on tariffs and trade

34
Q

whats the general agreement on tariffs and trade

A

agreement minimizing barriers to international trade through the elimination or reduction of tariff quotas and subsidies while maintaining significant regulations

35
Q

whats G8

A

group of 8

36
Q

whats group of eight

A

annual meeting between the leaders of the most powerful countries in the world

37
Q

whats UN stand for

A

united nations

38
Q

what is the united nations

A

peacekeeping organization aiming to maintain international peace and security, develop friendly relations, achieve international cooperation and get the centre for harmonizing the actions of nations

39
Q

whats UNICEF stand for

A

united nations children emergency fund

40
Q

what is the united nations children emergency fund

A

international organization addressing the long term needs and rights of children/women in developing countries

41
Q

whats adam smiths theory on economics

A

government needs to reduce level of control over the economy and simplify free trade policies

42
Q

whats john m keynes econmic theory

A

wants higher government involvement and believes that the government should be setting up programs to hire the unemployed

43
Q

whats Friedrich Hayek’s theory on economics

A

government should stay out of the way and have no control over the economy

44
Q

whats mercantilism

A

policy of strictly controlling trade

45
Q

whats capitalism

A

economic system that advocates for free trade, competition and choice as a means of achieving prosperity

46
Q

whats Milton Friedman’s economic theory

A

as little government control as possible bc the government shouldn’t be supporting people through tough times, they need to be learning how to adapt

47
Q

Margaret thatcher’s economic theory

A

little government control so that individuals are freer to make their own decisions and that resources are the private property of companies/individuals

48
Q

whats outsourcing

A

when a business obtains services or products used in manufacturing from an outside supplier/manufacturer to cut costs

49
Q

whats an offshore company

A

company that conducts most of their business outside of the country in which they are incorporated

50
Q

whats push production

A

when manufacturers of products decide what to produce, how much to produce, and the price of the product

51
Q

whats pull production

A

when retailers determine what the manufacturer will produce, how much to produce and the price of the product

52
Q

what does it mean to be sustainable

A

a system that utilizes renewable resources for growth and maintenance

53
Q

whats prosperity

A

state of being prosperous and having successful progress

54
Q

whats sustainable prosperity

A

state of economic development where people have high standard of living and quality of life while respecting the natural environment and balancing economic competition

55
Q

what are the factors that affect global economy

A

hand of God, and market fluctuations

56
Q

who influenced the economic thought after world war 2

A

Keynes and Hayek

57
Q

whats the Bretton woods agreement

A

an agreement that established a system of rules and a new international monetary system in order to allow countries to view themselves as partners instead of competitors after the war

58
Q

what is the intent of the UN

A

to encourage peaceful relations and help the global economy by opening up trade between countries

59
Q

who was Ronald Reagan and what were his goals

A
  • former us president
  • reduce growth of government spending
  • reduce marginal tax rates on income
  • reduce regulation
  • control the money supply to reduce inflation
60
Q

what are the beliefs of supply-side economics

A

smaller government, deregulation, cutting subsidies, privatization, and trickle-down economics

61
Q

whats deregulation

A

process where governments remove, reduce or simplify restrictions on businesses and individuals with the intent of encouraging efficient market operation

62
Q

whats subsidies

A

financial assistance from government in order to encourage the production/ purchase of a good/service or to insent certain behaviour

63
Q

whats privatization

A

transfer of ownership from the public sector to the private sector

64
Q

whats trickle-down economics

A

reduction of taxes on large companies and the rich in order to stimulate economic growth

65
Q

what is supply-side economics

A

Theory that focuses on influencing the supply of labour and goods, using tax cuts and benefit cuts as incentives to work and produce goods

66
Q

what is demand-side economics

A

belief that demand for goods and services drives the economy

67
Q

what are the major concerns of demand-side economics

A

inflation and too much government spending

68
Q

benefits of demand-side economics

A

triggers employment and government will not feel bad when it decides to collect more taxes once the economy is running again

69
Q

whats classic economics

A

ideas are at the forefront of the movement towards a society based on freedom and away from the control of society via the government

70
Q

what political side does classic economics fall into

A

liberalism

71
Q

whats liberalism

A

related ideas and theories of government that consider individual liberty to be the most important political goal

72
Q

whats top injection of money

A

when there is extra money present at the top executive level due to government incentives

73
Q

what are the major concerns of supply-side economics

A

social programs can be cut and it can concentrate wealth in the hands of a small part of the population

74
Q

how does top injection of money work

A

company reinvests in itself and can stimulate demand through the hiring of new people to implement new policies that lead to profit for the company and money into the economy

75
Q

what is the theory behind supply-side economics

A

the government should just lower taxes so that people will have more money to spend

76
Q

why does supply-side economics want to have taxes particularly low for large businesses and rich people

A

they will buy lots of stuff because they have the money, feeding money back into the economy and allowing them to make new businesses to hire more people or invest in stuff

77
Q

how does supply and demand control the free market economy

A

through fluctuation

78
Q

whats supply and demand

A

relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy

Social Studies 10-1 (3 decks)

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