Economic Globalization

Question 1

PRE-COLONIAL ERA ECONOMIC SYSTEMS
The simplest economic system.

Answer 1

Hunting & Gathering

Question 2

PRE-COLONIAL ERA ECONOMIC SYSTEMS
An economic system also known as “isang kahig, isang tuka” in Tagalog, and “Hand-to-Mouth Subsistence” in English.

Answer 2

Hunting & Gathering

Question 3

ECONOMY DURING THE AGRICULTURAL REVOLUTION
TRUE or FALSE: Money had already been invented during the Agricultural Revolution.
(Specifically for example, during Mesopotamia)

Answer 3

FALSE

Question 4

ECONOMY DURING THE AGRICULTURAL REVOLUTION
Wealth was measured by how much ______ one had.

Answer 4

Livestock (specifically sheep and cattle)

Question 5

PRE-COLONIAL ERA ECONOMIC SYSTEMS
A form of trade done before the invention of money. This involves an exchange of goods for goods

Answer 5

Barter Trade

Question 6

PRE-COLONIAL ERA ECONOMIC SYSTEMS
Barter Trade was a form of economic exchange first done in places called ___-_____.

Answer 6

City-States

Question 7

ECONOMY IN CITY-STATES & ANCIENT KINGDOMS
When City-States eventually gave way to the development of Ancient Kingdoms, _______ was invented so that people would provide resources towards the ruling monarch(s).

Answer 7

Taxation

Question 8

ECONOMY IN CITY-STATES & ANCIENT KINGDOMS
TRUE or FALSE: Taxation during the era of Ancient Kingdoms was in cash.

Answer 8

FALSE, Taxation was in kind. (For example: 10% of your harvest goes to the ruling monarch)

Question 9

ECONOMY IN CITY-STATES & ANCIENT KINGDOMS
“New players” in the Barter Trade that created clothes, shoes, baskets, tools, jewelry and more.

Answer 9

Craftsmen and Artisans

Question 10

PRE-COLONIAL ERA ECONOMIC SYSTEMS
Another term for the “Middle Men” that traded by travelling to other cities or kingdoms.

Answer 10

Merchants

Question 11

RISE OF MERCHANTS
Trading - from just being local - expanded ______, giving way to products being sold in other locations.

Answer 11

Trading expanded Geographically

Question 12

RISE OF MERCHANTS
TRUE or FALSE: The merchants were a wealthy social class. Arguably the second wealthiest after nobility itself.

Answer 12

TRUE

Question 13

RISE OF MERCHANTS
____ became the trading currency as it would’ve proved incredibly difficult to trade and travel with a herd of livestock.

Answer 13

Gold

Question 14

ECONOMY DURING THE ANCIENT EMPIRES
Kingdoms invaded other kingdoms primarily for ________ gain.

Answer 14

Economic Gain

Question 15

ECONOMY DURING THE ANCIENT EMPIRES
The new measure of wealth - from the amount of livestock one had - became the amount of a)_____, b)______, c)___________ _____, and d)_____ one had.

Answer 15

a) Gold
b) Treasures
c) Agricultural Produce
& d) Slaves

Question 16

ECONOMY DURING THE ANCIENT EMPIRES
The primary and most important measure of wealth at the time.

Answer 16

Gold

Question 17

ECONOMY DURING THE ANCIENT EMPIRES
TRUE or FALSE: Money was invented during the time of Ancient Empires.

Answer 17

TRUE

Question 18

TRUE or FALSE: Before the Age of Discovery, Merchants did not travel intercontinentally to trade their goods, but instead only operated in small, concentric circles of trade.

Answer 18

TRUE

Question 19

AGE OF DISCOVERY
“He who has the gold is the one who rules.”
In Europe, this was known as?

Answer 19

The Golden Rule

Question 20

AGE OF DISCOVERY
European kingdoms _______ other countries, establishing territories and plundering riches in order to accumulate as much gold as possible.

Answer 20

Colonized

Question 21

AGE OF DISCOVERY
Empires became _____-______ upon establishing their colonies.

Answer 21

Inter-continental

Question 22

AGE OF DISCOVERY
The New World Order during this era dictated that the seat of power was in…?

Answer 22

Europe

Question 23

ECONOMY IN THE INDUSTRIAL REVOLUTION
Europe became the “_____” of economy - which now became global after the establishing of their colonies.

Answer 23

“Center”

Question 24

ECONOMY IN THE INDUSTRIAL REVOLUTION
If Europe was the “center” of economy, then its overseas colonies became the “_______”.

Answer 24

Periphery

Question 25

ECONOMY IN THE INDUSTRIAL REVOLUTION
Later on, a country also rose into becoming a “center” of economic power alongside Europe.
This country was…?

Answer 25

The United States

Question 26

ECONOMY IN THE INDUSTRIAL REVOLUTION
Where the factories resided.

Answer 26

“Centers” (Ex: Spain, The United Kingdom, America)

Question 27

ECONOMY IN THE INDUSTRIAL REVOLUTION
Where the farms - sources of raw materials - resided.

Answer 27

“Peripheries” (Ex: India, The Philippines, Indonesia)

Question 28

ECONOMY IN THE INDUSTRIAL REVOLUTION
The “centers” became richer, and the “peripheries” remained poor - creating an..?

Answer 28

Imbalance

Question 29

POST-COLONIAL ERA
After which global event did the “centers” release their “peripheries” - granting them back their sovereignty and their territories?

Answer 29

World War II

Question 30

POST-COLONIAL ERA
A new form of colonialism focusing on economy rather than politics.

Answer 30

Neo-Colonialism

Question 31

POST-COLONIAL ERA | NEO-COLONIALISM
The “Neo” in Neo-Colonialism means what, exactly?

Answer 31

New

Question 32

POST-COLONIAL ERA | NEO-COLONIALISM
TRUE or FALSE: Neo-colonialism meant that the 1st World continued to economically flourish while the 3rd World struggled to improve their economic state.

Answer 32

TRUE

Question 33

POST-COLONIAL ERA | NEO-COLONIALISM
The name for a raw material made of dried coconut meat.

Answer 33

Copra

Question 34

POST-COLONIAL ERA
The 1st World control the _____ ______ ____, which lent money to the newly-independent 3rd World who then have to pay it back with interest - adding onto the cycle of neo-colonialism.

Answer 34

IMF World Bank

Question 35

ECONOMY IN THE 2ND WORLD
TRUE or FALSE: The Communist block traded with other countries.

Answer 35

FALSE. They only traded amongst themselves.

Question 36

ECONOMY IN THE 2ND WORLD
The big Communist countries - ____ & ____ export and trade military hardware to the smaller communist states like Cuba, North Korea and North Vietnam.

Answer 36

USSR & China

Question 37

ECONOMY IN THE 2ND WORLD
Smaller Communist states like Cuba, North Korea and North Vietnam were also known as?

Answer 37

Satellite States

Question 38

POST-COLONIAL ERA ECONOMIC SYSTEMS
After World War II, ________ was discovered in the Middle East, making them rise into economic power.

Answer 38

Petroleum

Question 39

DISCOVERY OF OIL
Another term for petroleum.

Answer 39

Black Gold

(““He who has the gold is the one who rules.”)

Question 40

DISCOVERY OF OIL
A Middle Eastern country like Saudi Arabia could not be classified as 1st World because it has an Absolute Monarchy, meaning it is not democratic.
It cannot be classified as 2nd World, nor can it be classified as 3rd World.

Middle Eastern countries like this therefore created an organization to classify themselves under.
This organization is called…?

Answer 40

Organization of Petroleum Exporting Countries [OPEC]

Question 41

THE OPEC
If oil is drilled quickly and in large quantities, an over-supply occurs - meaning worldwide, prices will…?

Answer 41

Prices will go down

Question 42

THE OPEC
What does [OPEC] stand for again?

Answer 42

Organization of
Petroleum
Exporting
Countries

Question 43

THE OPEC
If oil is drilled slowly a shortage of supply occurs - meaning worldwide, prices will…?

Answer 43

Prices will go up

Question 44

THE NEW WORLD ORDER
The ______ __ _______ in the 1990s and the _______ __ ____ meant that the 1st, 2nd, and 3rd labelling of countries became outdated.

Answer 44

Collapse of Communism & Discovery of Oil

Question 45

THE NEW WORLD ORDER
What were the 2 new labelling systems for countries?

Answer 45

“Developed” & “Developing” countries

Question 46

THE NEW WORLD ORDER
2 more recent labels or a more recent dichotomy for countries is being used up till today. These are..?

Answer 46

The Global North (because most rich countries are in the north)
& the Global South (most poor countries are in the south)

Question 47

THE NEW WORLD ORDER
TRUE or FALSE: The Global North and Global South dichotomy is rigid, meaning every country in the North hemisphere is rich and every country in the South hemisphere is poor.

Answer 47

FALSE. There can be patches of Global North in the South (For example: Indonesia) and patches of Global South in the North (For example: North Korea and Mongolia)

Question 48

THE AGE OF ECONOMIC COOPERATION
A group of former 1st World Western European countries that banded together economically.

Answer 48

The European Union [EU]

Question 49

THE EUROPEAN UNION
What is the name of the single, common currency used amongst countries belonging in the European Union?

Answer 49

Euro

Question 50

THE EUROPEAN UNION
You do not need a visa to travel from one EU country to another because they have _____ ____.

Answer 50

Porous Borders

Question 51

THE EUROPEAN UNION
Due to a ______ __ ____ ______, it means less taxes for sellers, resulting to their higher income.

Answer 51

Relaxing of Trade Restrictions

Question 52

An organization of countries in the Asia-Pacific who banded together for economic benefit/cooperation, inspired by the European Union.

Answer 52

Asia Pacific Economic Cooperation [APEC]

Question 53

THE APEC
The APEC operates somewhat like the EU. For example. there is a relaxation of _____ among its member countries.

Answer 53

Relaxation of Tariffs

Question 54

THE APEC
The downside of APEC is that some countries cannot compete economically with others.

If countries like Japan sell globally competitive finished products like cars and appliances that have large prices for less taxes to members of APEC, then they have an unfairly large income.

For _______-based countries like the Philippines who only export raw materials that have cheap prices for less taxes, they have an unfairly small income.

Answer 54

Agriculture-based

Question 55

THE APEC
Another example of a downside in APEC is that:

Apples and ponkans are an example of Chinese fruits exported to the Philippines. Because these fruits get more patronized than our local fruits, this means _____ _____ for our local farmers.

Answer 55

Less Income

Question 56

What does [APEC] stand for again?

Answer 56

Asia
Pacific
Economic
Cooperation

Question 57

___ ______ ______ was proposed by Thailand in 2015 in order for ASEAN to have an EU-like set-up.

Answer 57

The ASEAN Integration

Question 58

What does ASEAN stand for?

Answer 58

Association of
South
East
Asian
Nations

Question 59

THE ASEAN INTEGRATION
The __ _____ was instituted to have a seamless transfer of students from one ASEAN state to another.

Answer 59

K12 Program

Question 60

THE ASEAN INTEGRATION
TRUE or FALSE: If the ASEAN Integration was fully implemented, it would mean weaker countries like the Philippines would have to be buyers rather than sellers because the stronger countries have more to sell and less need to buy.

Answer 60

TRUE