Unit 3: Study Guide Flashcards
Who was Adolf Hitler?
A man elected leader of Germany after world war I
How did Adolf Hitler cause WWII?
He convinced Germans that they were that master race and they began to invade other countries. Canada, USA and many other countries declared war and in turn, many of their colonies were drawn into the war
What was the Bretton Woods Conference?
A conference that took place after WWII where the 44 countires of the newly found United nation attempted to find a way to prevent another World War
What two organization were mapped out of the Bretton Woods conference?
The International Monetary fund and the World Bank. They were an attempt to stabilize the global economy
What agreement what created at the Bretton Woods conference?
The General Agreement on Trade and Tariffs
What was the GATT?
Established at Bretton Woods, countries of the UN agreed to gradually reduce tariffs and other barriers to world trade
What emerged from GATT?
The WTO
What was the Cold War?
A non-military warfare that erupted between communist and capitalist countries, mainly the US and the Soviet union. This interfered with global trade
Who was Friedrich Hayek and John Maynard Keynes?
Economists
What was John Keynes opinion on government involvement in the economy?
He said the when employment is low the government should create programs that create jobs which gives people money and creates a demand. Then employers will have to hire back old workers
What is Friedrich Hayek’s opinion on government involvement in the economy?
He says that the governments rules should not interfere with competition between businesses
Who is Joseph Stalin and what did he do?
The new dictator of the Soviet Union. He turned the country into a military giant and forced peasants to work in factories and on farms and sold grain to pay for military needs
What was Milton Friedman opinion on the role of government in the economy?
At first he sided with Keynes but the opposed him. He believed in less government control in the economy will lead to prosperity to all
What are examples of alternative energy sources?
Solar and wind power
Why are alternative energy sources better?
They have fewer environmental impacts and are more sustainable because they do not use up non-renewable resources, such as oil and gas
What are many organizations and businesses doing to support renewable energy sources?
- Developing new building with better energy sources
- Retrofitting old buildings with efficiency products
Why will alternative energy sources be successful?
Because the prices of the source are now dropping and making them more affordable
What are barriers to alternative energy sources?
- Prices are generally higher than oil and gas
- Tax structures favor conventional sources
- Solar and wind do not supply continuous power
What is Capitalism?
An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state
What is communism?
A new economic and political model that was supposed to get rid of class distinctions. Land belonged to all
What is an economic depression?
A period of low economic activity accompanies by high levels of unemployment
What is economic globalization?
The spread of trade, tranportation and communication systems in the efforts of promoting worldwide commerce
What did members of GATT agree to do?
Gradually reduce tarriffs and other barriers to worldwide trade
What caused the great depression?
The stock market crashed and many people could not repay the money lost or pay their bills
What is the International monetary fund?
Created at the Bretton Woods conference its purpose is to provide emergency short term loans to countries of the UN
What is a market economy?
An economy where which individuals were freer to make their own decisions with little intervention from the government
What is a mixed market economy?
An economy in which both the public and the private sectors play a significant role
What are reparations?
To make amends for wrongdoings. May be in the form of payments
What Tarriffs?
Taxes being put on items that have been imported into a country
What is the United Nations?
An organization created by the countries of the world to
• support people who wanted to choose their own government
• help countries co-operate on trade issues
• protect smaller countries against invasion by larger countries
• ensure that no single country controlled the world’s oceans
What is the World Bank?
An organization mapped out of Bretton Woods to enhance the global ecomnomy
What is the WTO?
Created out of GATT, regulates trade in services, It had also set rules to protect copyright and intellectual property.
What is a consensus?
A general agreement
How does the WTO make decisions?
Consensus to ensure that its policies benefit all
What is containerization?
The transporting of goods in standard-sized shipping containers
What is E-commerce?
Online bussinesses like Amazon and Canadian Tire
What is the European Union?
A free trading area created by countries in the European Union. It also created the Euro as a currency
What is Foreign investment?
When a company or individual from one nation invests in assets or ownership stakes of a company based in another nation
What is Free Trade?
When two countries agree to eliminate all tariffs and taxes on goods and services traded between them
What are maquiladoras?
Businesses based in the US but have labor and assembly done in Mexico due to cheapers costs and less regulations
What is NAFTA?
An agreement between the North American countries to reduce barriers to trade
What is outsourcing?
Reducing costs by using suppliers of products and services in less developed parts of the world
What is a sanction?
A penalty
What is an example of a penalty?
The WTO ordering USA to repay the unfait taxes it has gained on Canadian softwood lumber
What is Trade Liberalization?
Reducing trade barriers so that goods and services can move around the world easily
What is clear cutting?
To cut down and remove every tree from (an area)
What is an Ecological Footprint?
The are of the earth’s surface necessary to sustain the level of resources you use and the waste you create
What is Flag of Convenience?
When a ship is registered in a country other than that of its owner
What is the Green Belt Movement?
A tree-planting organization works to offset the destruction of African forests and the loss of natural resources
What problem was the Kyoto protocol aiming to solve?
The increased output of greenhouse gases that is contributing to a rise in average global temperatures
What did the countries that signed the Kyoto protocol agree to?
5.2 per cent below 1990 levels by 2012
How is Canada doing in the Kyoto protocol?
Not very well. They are 27 percent higher than 1990 levels
What is selective cutting?
Varying the type of trees cut by making cutting diverse
What is Shipbreaking?
When ships are sold to developing countries and broken apart so that scrap metal can be reused
What is the problem with oil sands?
They are a major source of greenhouse gasses
What actions are being used to reduce greenhouse gasses?
New energy efficient methods are being used including steam to loosen the oil
What are some barriers to tar sands?
Some investors remain suspicious of the tar sands project because of its high costs and unresolved environmental problems.
At the same time, the world’s supply of accessible light crude oil is running out, and energy companies are turning to dirtier sources such as the tar sands
What is global climate change?
Small but steady changes in average temperatures around the world
What is GDP?
A measure of the health of a country’s economy and the prosperity of its people
What is GNH? (Gross National Happiness)
The inner happiness and the well-being of the people in a country
What is GPI?
A system that accurately measure economic progress. It will include environmental and social assets, such as volunteer work and time spent raising children.
What is HDI? (Human development Index)
Used to classify countries as developed, developing, or underdeveloped and to measure how economic policies affect the quality of life of a country’s people
What is knowledge economy?
Businesses and individuals who use research, education, new ideas, and information technologies for practical purposes.
What is privatization?
Privatization involves selling a public service to a private company, so that the service is no longer owned by the government.
What is standard of living?
How well the people in a community or a country live and the number and quality of goods and services they enjoy
What is Stewardship?
The job of supervising or taking care of something
What is sustainable prosperity?
Practising stewardship of the environment and resources for future generations
What is acculturation?
Cultural modification of an individual, group, or people by adapting to or borrowing traits from another culture
What is conflict Diamond?
An uncut diamond mined in an area of armed conflict and traded illicitly to finance the fighting
What is nationalization?
The transfer of a major branch of industry or commerce from private to state ownership or control.
What is a quota?
A limited or fixed number or amount of people or things, in particular.
What is subsidy?
A sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low
What is sustainability?
The ability to be maintained at a certain rate or level.
What is universalization?
The extension of the area and range of those who share in a good
