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Social Studies 10 > Economic Globalization Terminology > Flashcards

Economic Globalization Terminology Flashcards

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1
Q

Economics

A

The system of distribution of goods and services in a given society

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2
Q

Prosperity

A

Economic success

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3
Q

Terms of trade

A

Index export price/ index import price Higher export=more money=can import more

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4
Q

Microeconomics

A

Focuses on the small details analyzed in the market behaviour of consumers and suppliers

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5
Q

Macroeconomics

A

Focuses on national economy and how things work in the global business world

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6
Q

Tradition market

A

A system where traditions, customs, and belief systems determine operation (closely tied to social structure)

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7
Q

Market Economy

A

Driven by capitalism. Idea that the market should be able to monitor itself (little to no government control)

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8
Q

Demand theory

A

Desire and ability to buy a good or service

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9
Q

Supply theory

A

The quantity of a good or service that a producer is willing to provide at a particular price

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10
Q

Equilibrium

A

This is the price where the supply of goods matches the demand, this position very rarely lasts for long

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11
Q

Monopoly

A

One producer or seller of a product: there is a single business in the industry

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12
Q

Oligopoly

A

Only a few firms make up the industry

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13
Q

Perfect competition

A

Would look like: Many buyers and sellers Many products similar in nature Sellers are not able to set the price (supply and demand)

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14
Q

NAFTA

A

North American Free Trade Agreement (Canada, USA, and Mexico)

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15
Q

Trading blocs

A

Essentially groups of countries that trade together

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16
Q

EU

A

European Union

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17
Q

World Bank

A

Made up of two institutions: International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA)

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18
Q

IMF

A

International Monetary Fund

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19
Q

Trade liberalization

A

Aims to provide opportunities for economic globalization through free trade (privatization of crown corporations, foreign investment, outsourcing)

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20
Q

What does the IMF do?

A

Lend money with interest to other countries (short term borrowing). Created for the post-war era to deal with serious debt.

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21
Q

What does the World Bank do?

A

Provides loans to developing nations. A UN international financial institution. Also provides resources and advice.

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22
Q

UN

A

United Nations

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23
Q

GATT

A

General Agreement on Tariffs and Trade

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24
Q

WTO

A

World Trade Organization

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25
Q

What does the WTO do?

A

Sets the rules. Deals with global trade between nations. Settles disputes.

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26
Q

What was the Bretton Woods Conference?

A

44 nations met after WW2 to create agreements on how to deal with post-war era. Discussed the creation of IMF and IBRD.

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27
Q

Poverty

A

There are multiple definitions. ie. When a person or a group of people have insufficient means.

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28
Q

Under-development

A

When resources are not used to their full potential and development is slow.

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29
Q

MNC’s

A

Multinational corporations

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30
Q

NGO’s

A

Non-governmental organization

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31
Q

IGOs

A

Intergovernmental organization

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32
Q

Civil Society

A

Non-state, non-profit organization that deals with the issues of society (ie. human rights, the environment, labour standards, anti-corruption, etc.)

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33
Q

Bandung Conference

A

A meeting of Asian and African states to discuss inequality issues across Africa and Asia

34
Q

GDP

A

Gross Domestic Product (monetary value of all goods and services in a given country)

35
Q

GNP

A

Gross National Product Market value of all the products and services produced in one year by labor and property supplied in a country

36
Q

Gini Coefficient

A

Fluctuation of wealth- measurement of income distribution in a country and used to determine income gaps

37
Q

HDI

A

Human Development Index

38
Q

What is the Human Development Index based on?

A

Life expectancy at birth Mean years of schooling Expected years of schooling Gross national income per capita

39
Q

Development Theory

A

A collection of theories about how desirable change in society is best accomplished

40
Q

Modernisation theory

A

A theory used to explain the process of progressive transition from a traditional society to a “modern” society.

41
Q

Dependency Theory

A

A theory suggesting that resources from poor and underdeveloped states flow to wealthy states and enrich them at the expense of the poor ones.

42
Q

OPEC

A

Organization of Petroleum Exporting Countries

43
Q

Petrodollars

A

A unit of currency a country earns from the export of petroleum

44
Q

Neo-liberalism

A

An approach to economic and social studies in which control of economic factors is shifted from the public TO the private sector

45
Q

Monetarism

A

The theory or practice of controlling the supply of money as the main method of stabilizing the economy

46
Q

SAP’s

A

Structural Adjustment Programmes (loans provided by the IMF and World Bank to countries that experienced economic crises)

47
Q

Import Substitution Industrialisation

A

(ISI) Economic and trade policy which advocates replacing foreign imports with domestic production

48
Q

Export Oriented Industrialisation

A

(EOI) An economic and trade policy aiming to speed up a country’s industrialization process by exporting goods for which the nation has an advantage.

49
Q

Export Processing Zones

A

Areas within developing countries that offer a barrier-free environment and incentives to promote economic growth by attracting foreign investments for export-oriented production.

50
Q

The system of distribution of goods and services in a given society

A

Economics

51
Q

Economic success

A

Prosperity

52
Q

Index export price/ index import price Higher export=more money=can import more

A

Terms of trade

53
Q

Focuses on the small details analyzed in the market behaviour of consumers and suppliers

A

Microeconomics

54
Q

Focuses on national economy and how things work in the global business world

A

Macroeconomics

55
Q

A system where traditions, customs, and belief systems determine operation (closely tied to social structure)

A

Tradition market

56
Q

Driven by capitalism. Idea that the market should be able to monitor itself (little to no government control)

A

Market Economy

57
Q

Desire and ability to buy a good or service

A

Demand theory

58
Q

The quantity of a good or service that a producer is willing to provide at a particular price

A

Supply theory

59
Q

This is the price where the supply of goods matches the demand, this position very rarely lasts for long

A

Equilibrium

60
Q

One producer or seller of a product: there is a single business in the industry

A

Monopoly

61
Q

Only a few firms make up the industry

A

Oligopoly

62
Q

Would look like: Many buyers and sellers Many products similar in nature Sellers are not able to set the price (supply and demand)

A

Perfect competition

63
Q

Essentially groups of countries that trade together

A

Trading blocs

64
Q

Made up of two institutions: International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA)

A

World Bank

65
Q

Aims to provide opportunities for economic globalization through free trade (privatization of crown corporations, foreign investment, outsourcing)

A

Trade liberalization

66
Q

44 nations met after WW2 to create agreements on how to deal with post-war era. Discussed the creation of IMF and IBRD.

A

What was the Bretton Woods Conference?

67
Q

There are multiple definitions. ie. When a person or a group of people have insufficient means.

A

Poverty

68
Q

When resources are not used to their full potential and development is slow.

A

Under-development

69
Q

Non-state, non-profit organization that deals with the issues of society (ie. human rights, the environment, labour standards, anti-corruption, etc.)

A

Civil Society

70
Q

A meeting of Asian and African states to discuss inequality issues across Africa and Asia

A

Bandung Conference

71
Q

Fluctuation of wealth- measurement of income distribution in a country and used to determine income gaps

A

Gini Coefficient

72
Q

Life expectancy at birth Mean years of schooling Expected years of schooling Gross national income per capita

A

What is the Human Development Index based on?

73
Q

A collection of theories about how desirable change in society is best accomplished

A

Development Theory

74
Q

A theory used to explain the process of progressive transition from a traditional society to a “modern” society.

A

Modernisation theory

75
Q

A theory suggesting that resources from poor and underdeveloped states flow to wealthy states and enrich them at the expense of the poor ones.

A

Dependency Theory

76
Q

A unit of currency a country earns from the export of petroleum

A

Petrodollars

77
Q

An approach to economic and social studies in which control of economic factors is shifted from the public TO the private sector

A

Neo-liberalism

78
Q

The theory or practice of controlling the supply of money as the main method of stabilizing the economy

A

Monetarism

79
Q

(ISI) Economic and trade policy which advocates replacing foreign imports with domestic production

A

Import Substitution Industrialisation

80
Q

(EOI) An economic and trade policy aiming to speed up a country’s industrialization process by exporting goods for which the nation has an advantage.

A

Export Oriented Industrialisation

81
Q

Areas within developing countries that offer a barrier-free environment and incentives to promote economic growth by attracting foreign investments for export-oriented production.

A

Export Processing Zones

Social Studies 10 (4 decks)

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