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

**O**rganization of **P**etroleum **E**xporting **C**ountries

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

**A**sia **P**acific **E**conomic **C**ooperation

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

**A**ssociation of **S**outh **E**ast **A**sian **N**ations

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**