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contemporary world > lesson 3 & 4 > Flashcards

lesson 3 & 4 Flashcards

1
Q

refers to the increasing interdependence of world economists due to the growing scale of cross-border trade of commodities and services, flow of capital, and rapid spread of technologies

A

The Global Economy

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2
Q

Four factors of production

A

Land
Labor
Capital
Entrepreneurship

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3
Q

This refers not only to vast areas of land but all natural resources found on the planet to help make goods and services. This could be fertile land, oil extracted, water, and timber.

A

Land

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4
Q

This is the actual physical effort we put into making goods or providing services. A nurse helping a patient, a mechanic repairing your car, or a teacher teaching or guiding students.

A

Labor

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5
Q

This refers to any human-created resource that is used to produce other goods.

A

Capital

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6
Q

This is the process of launching and running a business in order to make money. They create new ideas, and sometimes even create new markets and industries to make a profit. They also manage Land, Labor, and capital. These are the brain, the mover of all productions.

A

Entrepreneurship

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7
Q

2 types of capital

A

Physical Capital
Human Capital

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8
Q

are physical/human-made stuff
- ex. a tractor

A

physical capital

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9
Q

These are the knowledge and skills a person gains through both education and experience. An engineer knows how to construct a building because he has been educated well in his craft as an engineer.

A

Human capital

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10
Q

Three types of economic resources - means through which goods and services are produced

A
  1. Natural
  2. Human
  3. Capital
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11
Q

are raw materials supplied by nature

A

Natural

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12
Q

are the people who produce goods and services

A

Human

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13
Q

are the money, products, and supplies used in the production of goods/services

A

Capital

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14
Q

Economic systems

A

Capitalism, Communism, Socialism

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15
Q

free trade, free economy where there is economic freedom, competition, profit motives

A

Capitalism

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16
Q

there is central control/central government, the government provides all the needs of the people and thus owns everything

A

Communism

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17
Q

a combination of socialism and capitalism system where the major and minor business and trade are controlled both by the government and the people

A

Socialism

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18
Q

2 different types of economies associated with economic globalization

A

Protectionism (mercantilism)
Trade Liberalization or Free Trade or what we call it International Trade

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19
Q

This is a political and economic policy where the concept of exporting more and importing less as advocated by Thomas Mun. This usually comes in the form of quotes and tariffs.

A

Protectionism (mercantilism)

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20
Q

is the theory or practice of shielding a country’s domestic industries from foreign competition by taxing imports

A

Protectionism

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21
Q

required fees on import and export and usually impose high or exorbitant taxes

A

Tariffs

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22
Q

Protectionism existed to countries like:

A

China, Japan, USA

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23
Q

export and import of anything around the world

A

Trade Liberalization or Free Trade or what we call it International Trade

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24
Q

As economists call it where countries skip straight to more efficient and cost-effective technology. New opportunities for people to sell their products stand labor in a global
marketplace.

A

Leapfrogging

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25
Q

is defined by the International Fair Trade Association (IFTA) as the concern for the social, economic, and environmental well-being of marginalized small producers

A

Fair Trade

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26
Q

Aims of Fair Trade

A
  • More moral and equitable global economic system
  • Protection of workers and Producers
  • Establishment of just prices
  • Sustainability of production
  • Creation of good trade relationships between producers and consumers
  • Promoting safe working conditions/environment
27
Q

can be viewed as the merging, integrating and understanding of the contribution of the different financial and economic institutions and sectors that would facilitate the growth of the global economy

A

Market Integration

28
Q

refers to the process of creating a unified marketplace where goods, services and
capital can flow freely between countries or regions

A

Market Integration

29
Q

It is a central aspect of economic globalization, which refers to the increasing interconnectedness of economies and societies around the world.

A

Market Integration

30
Q

Forms of Market Integration

A

a. Reduction of trade barriers such as tariffs that are too exorbitant.
b. Harmonization of regulatory standards,
c. Adoption of Common Currency
d. Development of infrastructure to fasten/facilitate transportation and communication

31
Q

Financial Institution and economic organization that made countries even closer together in trade relation

A

The Bretton System
The General Agreement on Tariffs (GATT)
World Trade Agreement (WTO)
The International Monetary Fund (IMF)
The World Bank
North American Free Trade Agreement (NAFTA)

32
Q

established from the remnants of WW I and II in trade

A

The Bretton System

33
Q

focus of The Bretton System

A

a. Reduction of barriers to trade
b. Free flow of money and exchange due to the start of restructuring of the economy

34
Q

Bretton System 5 key elements:

A
  1. Expression of currency in terms of gold (with equivalent rate/value in dollars)
  2. Establishment of official monetary authority in each country(ex. Phils-we have the central bank)to agree with other countries currency = official exchange rate equivalent
  3. Establishment of the IMF – International Monetary Fund (acts overseer)
  4. Eliminating restrictions or control on the currencies of other member countries
  5. Making the US dollar as the global currency
35
Q

was established in 1947 - A forum for the meeting of representatives from 23 member countries

A

The General Agreement on Tariffs (GATT)

36
Q

It focuses on trade goods through multinational trade agreements conducted in many ‘rounds’ of negotiation and from the agreement the World Trade Organization (WTO) was created.

A

The General Agreement on Tariffs (GATT)

37
Q

Is an independent multilateral organization that became responsible for trade and
services, non-tariff-related barriers to trade(trade liberalization)

A

World Trade Organization

38
Q

Located in Geneva, Switzerland with 152 member states as of 2008

A

World Trade Organization

39
Q

contemporarily used to refer to market-oriented reform policies such as “eliminating price controls, deregulating capital markets, lowering trade barriers” and reducing, especially through privatization and austerity, state influence in the economy

A

Neoliberalism

40
Q

is a neoliberalism

A

World Trade Organization

41
Q

Founded after World War II, the establishment was mainly because of peace advocacy after the war and aimed to help the economic stability of the world

A

The International Monetary Fund (IMF)

42
Q

_______’s main goal was to extend loans to the third world in particular and had a longer-term payment approach

A

The World Bank

43
Q

Trade pack between the US, Mexico, and Canada was created on January 1, 1994, when Mexico joined the two other nations

A

North American Free Trade Agreement (NAFTA)

44
Q

Helps in developing and expanding world trade and increases cooperation for improving working conditions in North America by reducing barriers to trade as it expands the markets of three countries.

A

North American Free Trade Agreement (NAFTA)

45
Q

is the whole system of human interactions. The modern world system is structured politically as an interstate system of competing and allying states.

A

The Global Interstate System

46
Q

The political scientists call The Global Interstate System ____________________.

A

INTERNATIONAL SYSTEM FOR INTERNATIONAL RELATIONS

47
Q

Called world system- defined by the
existence of a division of labor. The modern world system has a multi-state political structure (called the interstate system) and therefore its division of labor is the international division of labor

A

INTERNATIONAL SYSTEM FOR INTERNATIONAL RELATIONS

48
Q

Three (3) zones of the divisions of labor (international) by Immanuel Wallerstein

A

Core
Semi periphery
Periphery

49
Q

high-income nations in the world economy, western countries, the dominant capitalist that exploit peripheral countries for labor and raw materials

A

Core

50
Q

are middle-income countries like India and Brazil, Phils

A

Semi-periphery

51
Q

called the low-income countries, whose natural resources and labor support the wealthier countries

A

Periphery

52
Q

are rich countries like the US that most likely supply the needs of poorer countries. They buy raw materials, then make final goods and eventually sell the goods to the semi-periphery and periphery countries. (they preserve their natural resources and just buy cheap natural resources from poor countries.)

A

Core countries

53
Q

They can export and import both. Export and import exchange.

A

Semi-periphery

54
Q

exporter of raw and cheap labor and buys expensive goods from the core countries. Rich companies get cheap labor from poor countries, ex, Panasonic has its assembly place in the Phils, then the finished product will be sold to other countries more expensively

A

Periphery

55
Q

A political unit that has authority over its own affairs and in the global world recognizes its borders.

A

State

56
Q

a treaty signed by countries recognizing the idea of state sovereignty, government control and state policies

A

The treaty of Westphalia of 1648

57
Q

sometimes referred to as “world governance” where movement is towards political cooperation by means of process of designating laws, rules or regulations intended for the global scale

A

The Global Governance

58
Q

According to WEISS (2010), ________ refers to the collective efforts to identify, understand, and address worldwide problems that go beyond the problem-solving capacities of states

A

global governance

59
Q

Basic elements of state

A

Territory
People
Sovereign power authority of the government to govern itself

60
Q

The emergence of global governance is due to factors like:

A

Declining of power of nation
Flow of digital conformation
Mass migration of people and their country(illegally) uncontrolled flow, flow of criminal elements and their products(drugs, sex trafficking, laundered money,)

61
Q

state because of the emergence of some other form of global governance (the power is just confined within its border, limited)

A

Declining of power of nation

62
Q

when strong countries interfere with the internet

A

Flow of digital conformation

63
Q

invasion by other countries

A

External intervention

64
Q

coup that deposes present political leaders to restore stability

A

Internal political intervention

contemporary world (3 decks)

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