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Social Studies 10-1 > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

Bretton Woods Agreement

A

An agreement forged after the Second World War in Bretton Woods, New Hampshire, by 44 countries to establish a system of rules, institutions and procedures for the post war global economy

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2
Q

International Monetary System

A

A global network of institutions established by the Bretton Woods Agreement to promote international trade and the regulation of currency among Western Countries

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3
Q

Fixed Exchanged Rate

A

The value of a country’s currency as set by its government

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4
Q

Gold Standard

A

A provision of the Bretton Woods Agreement that all printed money, such as paper dollar, would be convertible to gold and could be cashed in at any time for that gold

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5
Q

Inflation

A

A situation in which the amount of currency in circulation increases yet each unit of currency buys less

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6
Q

Floating Exchange Rate

A

Currency rates that are not fixed by the government but instead find their own value in the foreign exchange market

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7
Q

World Bank

A

An agency of the United Nations that in practice is independent and controlled by its 184 member countries, which provides loans to less developed countries that are in financial difficulty

(long term financial assistance)

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8
Q

International Monetary Fund

A

International agency that work with the World Bank to bring stability to international monetary affairs and to help expand world trade

(short-term financial assistance)

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9
Q

Quotas

A

Proportional shares, such as those paid by member countries of the International Monetary Fund

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10
Q

Cold War

A

A global economic and political competition, from 1946-1989, that divided the Communist countries, led by the Soviet Union, against the Western Capitalist democracies, led by the United States

the cold war was another catalyst for economic globalization

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11
Q

Centrally planned Economic system

A

A system under which government planners decide what goods to produce, and how many

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12
Q

Free Market Economy

A

A system in which government does not intervene in the production and control of goods and services

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13
Q

International Monetary Markets

A

Markets in which funds loaned for a short time to businesses or governments are bought and sold, for example, short term bond and certificates or deposit

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14
Q

Mutual Fund

A

A company that combines it’s clients’ money and invests it in a collection of stocks, bonds, and other securities

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15
Q

Recession

A

A period of reduced economic activity lasting longer than two business quarters

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16
Q

Totalitarian

A

A political system under which individuals are totally subordinate to the decisions of the state

Compeletly controlled by government

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17
Q

Free Trade Agreement (FTA)

A

1989 economic treaty between Canada and the United States that sought to promote trade by reducing tariffs and other barriers between the two countries

18
Q

NAFTA

A

1994 treaty among Canada, United States and Mexico to improve trade by removing tariffs and other economic barriers

19
Q

G8 (G7)

A

An informal group of the eight major industrial democracies that meets at annual summits to discuss economic and foreign policies

Russia was kicked out so it became G7. Member; Canada, France, Germany, Italy, Japan, United kingdom, United States

20
Q

Human Capital

A

The knowledge, skills, and talents that workers have

21
Q

Capital Intensive Production

A

Manufacturing in which most work is done by machinery

22
Q

Labour Intensive Production

A

Manufacturing in which most work is done by hand

23
Q

European Union (EU)

A

The world’s largest and most powerful common market, which works to develop common foreign and security policies and to address other issues as citizens rights, job creation, regional development, and environmental protection

24
Q

Common Market

A

An agreement between or among countries that includes the free trade of goods and services and free movement of capital and labour within trading bloc

25
Q

Austerity Programs

A

Economic programs that aim to reduce government debt by increasing taxes and cutting social programs

26
Q

Trade Liberalization

A

The process of reducing barriers to trade

27
Q

Crown corporations

A

Government owned companies

28
Q

Deregulation

A

Opening an industry to more competition by removing government regulations

29
Q

Privatization

A

The sale of government owned industries and services to private businesses

30
Q

Economic Nationalism

A

Concern about the impact of foreign investment on a country’s economic independence and identity

31
Q

Outsourcing

A

The hiring of one company by another to fulfil certain tasks in production

32
Q

Deforestation

A

The destruction of forests by clearing or burning as a result of economic development, such as building roads or conversion to crop-land, or through changes in earth’s vegetation due to global warming

33
Q

Urbanization

A

The growth of towns and cities, as people migrate from rural areas in search of work and other opportunities

34
Q

Spirituality

A

Consideration of matters beyond the purely material

35
Q

Stewardship

A

The obligation to maintain resources in a sustainable manner

36
Q

Conservation plans

A

Strategies to protect and preserve resources

37
Q

Equalization payments

A

Tax money from all provinces by the federal government and then dispensed to distribute wealth more equally throughout Canada

38
Q

oil companies

National Energy Policy

A

1980 federal policy under which the government made oil companies in Alberta lower oil prices throughout Canada to protect Canadians from paying global market prices for oil and gas

39
Q

measure of sustainable prosperity ____

Genuine Progress Indicator

*

A

A measure of sustainable prosperity that takes into account the value of non economic positive factors such as volunteering and education and negative factors such as pollution and crime

40
Q

Agribusiness

A

Large scale agricultural businesses, such as factory farms or feed lots

41
Q

Arable land

A

Land that is good for farming

Social Studies 10-1 (5 decks)

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