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CCS Social 10 Flashcards > Unit 3 | Economic Globalization > Flashcards

Unit 3 | Economic Globalization Flashcards

1
Q

Definition of:
Tariff

A

A tax put on imported goods/services

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2
Q

What is the purpose of tariffs?

A
  • Reduce competition with domestic goods/services
  • Lower the rate of illegal imports
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3
Q

Definition of:
Economic Globalization

A

The increasing spread of trade, transportation, and the buying/selling of goods/services

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4
Q

What is the USMCA?

A

A trade agreement between the US, Canada, and Mexico. It aims to reduce tariffs and quotas between nations

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5
Q

What was John Maynard Keynes belief (about economy)?

A

The government should intervene during economic instabilities

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6
Q

What was Friedrich Hayeks and Milton Friedmans belief (about economy)?

A

The government should not intervene with the economy at all (full belief in free markets)

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7
Q

Definition of:
Free market

A

A market controlled by private companies

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8
Q

Who was Joseph Stalin

A

Communist dictator of the Soviet Union

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9
Q

What is the International Monetary Fund (IMF)?

A
  • Provide emergency short-term loans to countries
  • Keep currencies stable
  • Attempt to reform corrupt government
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10
Q

What is the World Bank

A

An organizations established to increase growth and reduce poverty in developing nations

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11
Q

Definition of:
Trade Liberalization

A

Reduce trade barriers, such as tariffs and quotas

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12
Q

Definition of:
Subsidy

A

Direct financial help to suffering nations, such as loans and lower taxes

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13
Q

What is a trading bloc?

A

A group of countries working together to give each other better trade (through trade liberalization)

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14
Q

How are some ways the media affect economic globalization?

A
  • Celebrity endorsement
  • Product placement
  • advertisement
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15
Q

What is the General Agreement of Tariffs and Trades (GATT)?

A

A movement to get rid of tariffs and other trade barriers

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16
Q

What is the World Trade Organization (WTO)?

A

An organization established to:
- Manage the GATT
- Regulate global trade
- Settle trade disputes

17
Q

What is the North American Free Trade Agreement (NAFTA)?

A

An agreement between Canada, the USA, and Mexico, with the goal of lowering trade barriers

18
Q

Definition of:
Containerization

A

The transporting of goods in standard-sized shipping containers

19
Q

What is a sanction?

A

A “penalty” to encourage certain governments to abide by certain rules/regulations (such as trade boycotts)

20
Q

What is sustainability?

A

The degree by which earth can provide the resources to meet peoples needs

21
Q

What is Sustainable Prosperity

A

The practice of protecting the environment so future generations can achieve prosperity

22
Q

What is Environmental Stewardship?

A

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

23
Q

What is “Standard of Living?”

A

A measure of the basic necessities a person needs (i.e level of income, access to healthcare, etc)

24
Q

What is “Quality of Life?”

A

A person’s perception of their well-being, including physical/mental health, happiness, etc.

25
Q

What is Gross Domestic Product (GDP)?

A

Measures the total economic production of a country (per capita)

26
Q

What is the Human Development Index (HDI)?

A

A measure of a country’s prosperity through:
- longevity: life expectancy
- Knowledge: school enrollment and literacy
- Standard of Living: GDP per person

27
Q

Definition of:
Privatization

A

The selling of a public service (such as healthcare, electricity, etc) to a private company; it is no longer managed by the government

28
Q

What is Sustainable Development?

A

The process of developing to meet peoples needs whist ensuring the sustainability of the environment

29
Q

What is Corporate Responisbility?

A

The responsibility put on businesses, such as:
- Needs of employees
- Safety of goods
- The environment

CCS Social 10 Flashcards (4 decks)

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