Unit 2 Vocabulary

Question 1

Free trade

Answer 1

International trade without tariffs, quotas or restrictions

Question 2

Economic Globalization

Answer 2

Spread of trade, transportation, and communication in the world

Question 3

Anti- globalization

Answer 3

Advocates that preservation of environment, human rights, and democratic institutions is at risk because of globalization

Question 4

Consumerism

Answer 4

Protection of promotion of the interests of consumers

Question 5

Deregulation

Answer 5

Removal of regulations or restrictions in a particular industry

Question 6

GNP

Answer 6

Gross National Product, total value of all finished goods and services produced by a county’s citizens in a given period of time

Question 7

GDP

Answer 7

Gross Domestic Product value of all finished goods and services produced by a country in a certain amount of time

Question 8

Sweatshop

Answer 8

Factory workshop where workers are paid low wages for long hours and poor conditions

Question 9

Trade liberalization

Answer 9

Removal or reduction of restrictions or barriers on free exchange of goods between nations

Question 10

Prosperity

Answer 10

Success, people becoming rich in many ways

Question 11

Reparations

Answer 11

Making amends after wrong has been done

Question 12

Communism

Answer 12

Karl Marx advocated that you can only reach prosperity when each person works and gets paid according to abilities no rich vs poor gap

Question 13

Economic depression

Answer 13

Period of economic decline, unemployment rates rise and consumer confidence suffer

Question 14

Market economy

Answer 14

When production prices are determined by unrestricted competition between privately owned businesses

Question 15

Breton Woods Agreement

Answer 15

Created collective international currency exchange regime (1940-1970)

Question 16

International Monetary Fund

Answer 16

Global organization that works to achieve sustainable growth and prosperity for all of its 190 member countries

Question 17

Exchange rate

Answer 17

Value of one currency for the purpose of conversion to another

Question 18

Gold standard

Answer 18

System by which value of a currency was defined in terms of gold , for which the currency could be eaxhanged

Question 19

Floating exchange rate

Answer 19

A system where a country’s currency price is determined by the relative supply and demand of other currencies

Question 20

World bank

Answer 20

International development organization owned by 187 who’s goal is to reduce poverty

Question 21

Quota

Answer 21

Fixed share of something that a person or group is entitled to receive or has to contribute

Question 22

Cold War

Answer 22

State of conflict between nations that does not include direct military action but is done through economic and government attacks

Question 23

WW1

Answer 23

International conflict (1914-1918) that included most of Europe, Russia, U.S, the Middle East and other regions

Question 24

WW2

Answer 24

War fought (1939-1945) between Axis powers like Germany, Italy, Jayant etc.

Question 25

Keynesian economics

Answer 25

Argues that demand drives supply and that healthy economies spend or invest more than they save

Question 26

Totalitarianism

Answer 26

Type of government that attempts to assert total control over the lives of its citizens

Question 27

Hayek (Friedrich)

Answer 27

Believed that the price system fulfilled a critical function in society, and the price system only works if people can choose freely what to buy at what price

Question 28

Thatcherism

Answer 28

Attempts to promote low inflation, the small state and free markets through right control over money supply

Question 29

Recession

Answer 29

Period of temporary economic decline during which trade and industrial activity are reduced

Question 30

GATT

Answer 30

General Agreement On Tariffs and Trade is a treaty minimizing barriers to international trade

Question 31

FTA

Answer 31

Free Trade Agreements is between 2 or more countries where they agree on certain obligations that affect trade

Question 32

NAFTA

Answer 32

North American Free Trade Agreement established free trade between Canada and U.S.A

Question 33

WTO

Answer 33

World Trade Organization is the only international globalization dealing with the rules of trade between nations

Question 34

G8/G20

Answer 34

Group 8/ Group 20 were groups established in different periods of time that were created so that emerging markets could be represented

Question 35

Sanction

Answer 35

Threatened penalty for disobeying a law or rule

Question 36

Ecological Footprint

Answer 36

Impact a person of community has on the environment

Question 37

Sustainability

Answer 37

Ability to be maintained at a certain rate or level

Question 38

Stewardship

Answer 38

Job of supervising or taking care of something like an organization or property

Question 39

European Union

Answer 39

Partnership between 27 EU countries that promotes peace, its value, and the well being of its citizens

Question 40

Knowledge Economy

Answer 40

Worth is independent and consumption and production is based on intellectual capital

Question 41

Deforestation

Answer 41

Clearing a wide area of trees

Question 42

OPEC

Answer 42

Organization of the Petroleum Exporting Countries they ensure the stabilization of oil markets in order to secure an efficient economic and regular supply of petroleum to consumers

Question 43

Conservation

Answer 43

Prevention of wasteful use of a resource

Question 44

Equalization Payments

Answer 44

Transfer payment given to provincial/ state government to offset imbalances between different parts of the country

Question 45

Tarrif

Answer 45

Tax or duty to be paid on a particular class of an imported product