EKAM AND AMRITHA SOCIAL 10 UNIT III:ECONOMIC GLOBALIZATION.

Question 1

ECONOMIC GLOBALIZATION.

Answer 1

Economic globalization refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies.

Question 2

CAPITAL

Answer 2

Inward or outward direct investment as a portion of national income or per head of population.

Question 3

CAPITALISM.

Answer 3

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

Question 4

COLD WAR.

Answer 4

A period of political tension and military rivalry between the United States and the Soviet Union after World War II.

Question 5

COMMUNISM.

Answer 5

Communism is a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.

Question 6

DEINDUSTRIALIZATION.

Answer 6

The reduction or loss of industries.

Question 7

ECONOMIC DEPRESSION.

Answer 7

An economic depression is a steep and sustained drop in economic activity featuring high unemployment and negative GDP growth.

Question 8

ECONOMICES OF SCALE.

Answer 8

Savings that are achieve by producing, using, and buying things in large quantities.

Question 9

PROSPERITY.

Answer 9

The process contracting out certain business function or processes to external providers, often in other countries, to reduce costs of focus on core competencies.

Question 10

SUSTAINABILITY.

Answer 10

An economic system that seeks to provides for curtain needs without compromising the ability of future generations to meet their needs.

Question 11

SUSTAINABLE PROSPERITY.

Answer 11

Sustainable prosperity means practicing management of the environment and resources for future generations.

Question 12

BRETTON WOODS CONFERENCES.

Answer 12

A gathering of delegates from 44 nations that met from July 1 to 22, 1944 in Bretton Woods, New Hampshire, to agree upon a series of new rules for the post-WWII international monetary system.

Question 13

TRAIFFS.

Answer 13

Taxes imposed on imported goods and services.

Question 14

WORLD BANK.

Answer 14

An international organization established in 1944 to provide loans and financial assistance to developing countries for development projects.

Question 15

TRADE BARRIERS.

Answer 15

A barrier erected by government to control or limit the flow of goods and services into or out of a country

Question 16

ASSIMILATION

Answer 16

The process by which a minority culture adopts the customs and attitudes of the dominants culture

Question 17

GROSS DOMESTIC PRODUT [GDP]

Answer 17

The measure of a country’s total economic output including all goods and services produce within its borders.

Question 18

WORLD’S TRADE ORGANIZATION [WTO].

Answer 18

An international organization that regulates global trade and resource disputes between countries.

Question 19

HYBRIDIZATION.

Answer 19

The process of combining elements from different sources to create something new or improved.

Question 20

INTERNATIONAL MONETARY FUND [IMF].

Answer 20

The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C.