Social 10-1

Question 1

Free trade

Answer 1

Trade that occurs when two or more countries eliminate tariffs and taxes on the goods and services they trade with one another.

Question 2

Economic globalization

Answer 2

The spread of trade, transportation, and communication systems around the world in the interests or promoting worldwide commerce.

Question 3

Anti globalization

Answer 3

Act of being against globalization

Question 4

Trade liberalization

Answer 4

A process that involves countries in reducing or removing trade barriers, such as tariffs and quotas, so goods and services can move around the world more freely.

Question 5

Communism

Answer 5

An economic and political system whose purpose is to eliminate class distinctions. Everyone would work for the benefit of all and would receive help as he or she needs it.

Question 6

Market economy

Answer 6

An economy in which government regulations are reduced to a minimum and businesses are free to make their own decisions.

Question 7

Ecological footprint

Answer 7

The area of the earth’s surface necessary to sustain the level of resources a person uses and the waste she or he creates.

Question 8

Sustainability

Answer 8

The ability to be maintained at a certain rate or level.

Question 9

Stewardship

Answer 9

Accepting responsibility for ensuring that the earth’s resources remain sustainable.

Question 10

Knowledge economy

Answer 10

Businesses and individuals who use research, education, new ideas, and information technologies for practical purposes.

Question 11

Consumerism

Answer 11

An economic and social system that encourages the consumption of goods and services as a means of attaining wellbeing.

Question 12

Deregulation

Answer 12

the reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.

Question 13

GNP

Answer 13

Gross National Product (GNP) is defined as the total value of final goods and services produced by a country’s citizens in a year, regardless of their location.

Question 14

GDP

Answer 14

GDP (Gross domestic product) measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time

Question 15

Sweatshop

Answer 15

workplace in which workers are employed at low wages and under unhealthy or oppressive conditions

Question 16

Prosperity

Answer 16

Becoming rich in things like money, relationships, satisfaction in one’s life.

Question 17

Repartions

Answer 17

Reparations are meant to acknowledge and repair the causes and consequences of human rights violations and inequality in countries.

Question 18

Economic depression

Answer 18

An economic depression is a sustained period of significant economic decline that sees a nation’s GDP drop, unemployment rates rise and consumer confidence suffer

Question 19

Bretton Woods Agreement

Answer 19

The Bretton Woods Agreement established a system through which a fixed currency exchange rate could be created using gold as the universal standard.

Question 20

International Monetary Fund

Answer 20

The IMF is a global organization that works to achieve sustainable growth and prosperity for all of its 190 member countries. Supports economic policies that promote financial stability and monetary cooperation.

Question 21

Exchange rate

Answer 21

A relative price of one currency expressed in terms of another currency. Ex difference in usd and cad currency.

Question 22

Gold standard

Answer 22

A monetary system where a country’s currency or paper money has a value directly linked to gold.

Question 23

Floating exchange rate

Answer 23

A system in which the interplay of the market forces of demand and supply
determine a currency’s value.

When the system of the 2 things that affect each other, forces demand and supply determine the value of a currency.

Question 24

World bank

Answer 24

An international development organization owned by 187 countries. Its role is to reduce poverty by lending money to poorer countries government.

Question 25

Quota

Answer 25

A fixed share of something that a person or group is entitled to receive or is bound to contribute.

Question 26

Cold War

Answer 26

An ongoing political rivalry between the United States and the Soviet Union and their respective allies that developed after World War II.

Question 27

Keynesian economics

Answer 27

theory of total spending in the economy and its effects on output and inflation.

Question 28

Totalitarianism

Answer 28

A form of government and a political system that prohibits all opposition parties, outlaws individual and group opposition to the state and its claims, and exercises an extremely high if not complete degree of control and regulation over public and private life.

Question 29

Thatcherism

Answer 29

form of British conservative ideology named after Conservative Party leader Margaret Thatcher that relates to not just her political platform and particular policies but also her personal character and style of management while in office.

Question 30

Recession

Answer 30

Period of economic decline

Question 31

GATT

Answer 31

General Agreement on Tariffs and Trade.
A treaty minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies

Question 32

FTA

Answer 32

an agreement between two or more countries where the countries agree on certain obligations that affect trade in goods and services

Question 33

NAFTA

Answer 33

A free trade agreement between Canada, Mexico and the US

Question 34

WTO

Answer 34

The World Trade Organization is an intergovernmental organization that regulates and facilitates international trade.

Question 35

CIDA

Answer 35

The Canadian International Development Agency was a federal Canadian organization that administered foreign aid programs in developing countries

Question 36

Sanctions

Answer 36

A threatened penalty for disobeying a law or rule.

Question 37

European Union

Answer 37

A unique partnership between 27 European countries their border are along promoting peace, its values and the well-being of its citizens.

Question 38

Deforestation

Answer 38

Removal of forest