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Social Studies > Social 10 Unit 3 Review > Flashcards

Social 10 Unit 3 Review Flashcards

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1
Q

Economic globalization:

A

The spread of trade, transportation, and communication systems around the world in the interest of promoting worldwide commerce.
- includes the oil and gas pipelines and large tankers that carry oil products from Canada to around the world
- the increasing inter connectedness of the world

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2
Q

Costs of world war 1:

A
  • 15 million people killed
  • European governments owed $7 billion(US)
  • Costin canada more than $2.5 million dollars a day
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3
Q

Communism:

A

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.
- The Soviet Union (Russia) was the first communist state

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4
Q

The great depression:

A
  • During the late 1920s many countries were having an economic boom.
  • On Tuesday, October 29 (Black Tuesday) share prices started going down. Worried investors started to sell which caused a panic and share prices plummeted even more.
  • Chain reaction caused everything to go downhill. The entire world moved into an economic depression known as the great depression.
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5
Q

economic depression:

A

a period of low economic activity accompanied by high levels of unemployment.

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6
Q

Pros and cons of economic globalization:

A

PROS:
- access to new markets
- the spread of knowledge and technology
- economic growth
CONS:
- domestic job loss
- sustainability
-environmental degration

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7
Q

reparations:

A

The act of making amends for wrong doing. Reparations may include payments made by a defeated enemy to countries whose territory was damaged during a war.

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8
Q

interdependence:

A

2 or more things/people depending or relying on one another
- situations where two or more parties(individuals, businesses, countries, etc.) depend on each other for the exchange of goods and the fufillment of their necessities.

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9
Q

United Nations (UN):

A

an organization that was formed during world war 2 that would
- support people who wanted to choose their own government,
- help countries co-operate on trade issues,
- protect smaller countries against invasion by large countries,
- ensure that no single country controlled the world’s oceans

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10
Q

Conference at Bretton Woods:

A
  • july 1944, representatives of 44 countries met in the small town of Bretton Woods in New Hampshire
  • sponsored by the newly founded United Nations
  • trying to figure out how they could prevent the kind of economic turmoil that could start another world war
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11
Q

john maynard keynes:

A
  • led british delagation at bretton woods
  • believed that the unresricted capitalism that had existed before World War one and that had existed between the two world wars had failed
  • he says that the governments playing a very limiuted role in a country’s economy was wrong
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12
Q

Friedrich Hayek:

A

-disagreed with J.M. Keynes
- he mistrusted government control
- he said that government should protect the market by ensuring that its rules and laws do not interfere with competition between buisnesses

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13
Q

The World Bank and the International Monetary Fund:

A

-World Bnad or International Bank for Reconstruction and Development
-International monetary Fund or IMF
- both mapped out at the Bretton woods conferences
- supported by UN and would help expand international trade

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14
Q

General agreement on Tariffs and Trade (GATT):

A
  • signed in 1947
  • memebrs agreed to gradually eliminate all tariffs and trade barriers between one another
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15
Q

World Trade Organization (WTO):

A
  • emerged from the GATT in1995
  • by 2007, the WTO was regulating trade in services, such as telecommunications and banking, as well as goods
  • also had rules to protect copyright and intellectual property
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16
Q

Market Economy:

A

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

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17
Q

capitalist economy:

A
  • an economy that uses an economic system that advocates free trade, competition, and choice as a means of acheiving prosperity
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18
Q

Milton friedman:

A

-Believed that everyone would experience greater prosperity, as well as more political and social freedom if there was less government control.

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19
Q

outsourcing:

A

a business strategy that involves reducing costs by using suppliers of products and services in countries where labour is cheaper and government regulations may be less strict

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20
Q

containerization:

A

the transporting of goods in standard-sized shipping containers.

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21
Q

trade liberalization:

A

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.

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22
Q

free trade:

A

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

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23
Q

consensus:

A

general agreement

24
Q

The World Trade Organization:

A
  • established in 1995 to increase international trade by lowering trade barriers and making trade more predictable-
  • use sactions to enforce its decisions or settle disputes
25
Q

sanctions:

A

a penalty. Often an economic penalty, such as a trade boycott, taken to pressure a government to agree to carry out certain actions or follow certain rules

26
Q

North American Free Trade Agreement (NAFTA):

A

-immediately eliminated half of the trade barriers between the 3 countries
-an agreement that created a free trade area between the three major countries in North America: the United States, Canada, and Mexico

27
Q

European Union:

A
  • created a liberalized trading area in Europe
    > goods, services, money, and people can move easily from one country to another
    -27 members
28
Q

Transnational corporations:

A
  • reduce costs and increase profits by building factories, service centres, and retail outlets in various countries
    -an enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country
29
Q

Ecommerce:

A

(electronic commerce)
is the trading of goods and services online
- stimulated by communication technologies

30
Q

ecological footprint:

A

the area of the Earth’s surface necessary to sustain the level of resources a person uses and the waste they create

31
Q

Canadas ecological footprint:

A

7.25 hectares per person

32
Q

Bangladesh’s ecological footprint:

A

0.6 hectares per person

33
Q

sustain meaning:

A

to provide the basic necessities needed to support life

34
Q

sustainability:

A

the degree to which Earth is able to provide the resources necessary to meet people’s needs.

35
Q

stewardship:

A

accepting responsibility for ensuring that the earth’s resources remain sustainable

36
Q

the resource gap:

A

the gap between the resources the earth can reasonably supply (1.89 hectares per person) vs what the people of the world now consume (2.8 hectares per person)

37
Q

sustainable prosperity:

A

practising stewardship of the environment and resources so that future generations are able to achieve properity

38
Q

sustainable development:

A

development that meets peoples needs in the present without compromising the ability of future generations to meet their needs

39
Q

flag of convinience:

A

a flag flown by ships when they are registered in a country that is not the country of their owner.
-flagging out

40
Q

advantages of flagging out:

A

lower costs - registration fees and other charges are much lower

ease of registration - little paperwork is required

weak environmental and labour laws - environmental laws in countries that offer flags of convenience are often less strict then rules in Europe and North America

41
Q

adam smiths theory:

A

economic development was best fostered in an environment of free competition that operated in accordance with universal “natural laws.”

42
Q

Gross Domestic Product (GDP):

A

the value of all the goods and services a country produces in a year. GDP is often used to measure the strength and health of a country’s economy as well as the prosperity of its people.

43
Q

Human development index (HDI):

A
  • measure quality of life
  • used to classify countries as developed, developing, or underdeveloped
    -calculations based on longevity, knowledge, and standard of living
44
Q

Economic growth:

A
  • measured by the rate at which a country’s overall income grows
  • depends on businesses to produce more goods and services faster, more efficiently, and at a lower costs than the competition.
45
Q

knowledge economy:

A

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

46
Q

privatization:

A

the selling of a public service, such as electricity delivery or health care, to a private company so that the service is no longer owned by the government.

47
Q

foreign aid:

A

money, supplies. and other goods, as well as expertise, given by one country to another

48
Q

perspectives on privatization:

A

privatization advocates say:
- privatization lowers taxes because the service is no longer paid for by taxpayers
- the competition that results from privatization improves the quality of service and leads to lower prices

opposers of privatization:
-makes services more expensive because private companies must make a profit, and the company’s profit is calculated into the cost of the service

49
Q

foreign investment:

A

the purchase of assets in one country by individuals, institutions, or governments in another country

50
Q

global climate change:

A

small but steady changes in average temperatures around the world

51
Q

what are some millennium development goals:

A
  1. eradicate extreme hunger and poverty
  2. achieve universal primary education
  3. promote gender equality and empower women
  4. reduce child mortality
  5. improve maternal health
  6. combat HIV/AIDS, malaria, and other diseases
  7. ensure environmental sustainability
  8. develop a global partnership for development
52
Q

global disparity:

A

the concentration of resources in certain nations, significantly affecting the opportunities of individuals in poorer and less powerful countries.

53
Q

G8:

A
  • Group of 8 countries
    -Canada, France, Germany, Italy, Japan, United Kingdom, USA, Russia ( plus European Union)
  • now G7(Russia was kicked out in 2014)
  • work together to influence global issues and goals (ex. climate change, COVID-19, invasion of Ukraine)
54
Q

International monetary fund loans:

A
  • Loans to low-income countries carry a zero interest rate.
  • provides financial support to countries hit by crises to create breathing room as they implement policies that restore economic stability and growth.
55
Q

national sovereignty:

A

a country with the ability and power to govern its country without interference or influence of other countries

56
Q

imperialism:

A

a policy of extending a country’s power and influence through diplomacy or military force.

57
Q

current IMF goals:

A
  • to demand reforms(changes or improvements) in a country to promote good governance and get rid of corruption
  • to provide emergency short-term loans to countries

Social Studies (4 decks)

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