Unit 3 Sustainable Prosperity

Question 1

Economist who believed in having free market economy.

Answer 1

• F.A. Hayek

Question 2

Economist who believed in government intervention in the economy during times of crisis.

Answer 2

• John Maynard Keynes

Question 3

This was held during WWII 1944 to make financial arrangements for the postwar world after the expected defeat of Germany and Japan. (44 states including the Soviet Union). It drew up a project for the International Bank for Reconstruction and Development (IBRD) to make long-term capital available to states urgently needing such foreign aid, and a project for the International Monetary Fund (IMF) to finance short-term imbalances in international payments in order to stabilize exchange rates.

Answer 3

• Bretton Woods Conference

Question 4

Contemporary economist who advocated minimizing the role of government in a free market as a means of creating political and social freedom.

Answer 4

• Milton Friedman

Question 5

A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members.
A system of government in which the state plans and controls the economy and a single, often authoritarian party holds power, claiming to make progress toward a higher social order in which all goods are equally shared by the people.

Answer 5

communism

Question 6

An economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market.

Answer 6

capitalism

Question 7

Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.
This is the stage in Marxist-Leninist theory intermediate between capitalism and communism, in which collective ownership of the economy under the dictatorship of the proletariat has not yet been successfully achieved.

Answer 7

socialism

Question 8

a formal agreement between two or more states, as in reference to terms of peace or trade.

Answer 8

• international agreements

Question 9

an economic and political union of 27 member states which are located primarily in Europe.

Answer 9

o European Union

Question 10

Free Trade Agreement between Canada, Mexico, and the U.S. (1994)

Answer 10

NAFTA (North American Free Trade Agreement)

Question 11

objective to prevent the spread of nuclear weapons and weapons technology, to promote cooperation in the peaceful uses of nuclear energy.

Answer 11

o Nuclear Nonproliferation

Question 12

(refers to 2 rounds of bilateral talks and corresponding international treaties involving the U.S. and the Soviet Union on the issue of armament control.

Answer 12

o SALT: Strategic Arms Limitation Talks

Question 13

Treaty between U.S. and the Soviet Union to reduce the number of nuclear weapons they have

Answer 13

o START: Strategic Arms Reduction Treaty

Question 14

an international alliance involving many different countries

Answer 14

• international organizations:

Question 15

An alliance of countries from North America and Europe committed to fulfilling the goals of the treaty.

Answer 15

o NATO (North Atlantic Treaty Organization):

Question 16

is an international organization (founded in 1945 after World War II to replace the League of Nations) whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace and to stop wars between countries, and to provide a platform for dialogue. It contains multiple subsidiary organizations to carry out its missions.

Answer 16

o United Nations (UN):

Question 17

Established in 1944, it is an international financial institution that provides loans to developing countries for capital programs. It is a vital source of financial and technical assistance to developing countries around the world.

Answer 17

o World Bank

Question 18

is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Answer 18

o IMF: The International Monetary Fund

Question 19

corporations that are registered in more than one country or that has operations in more than one country. (i.e. Wal-Mart, McDonalds, Costco)

Answer 19

• transnational corporations

Question 20

the removal or reduction of restrictions or barriers on the free exchange of goods between nations. (NAFTA)

Answer 20

• trade liberalization:

Question 21

flows of capital from one nation to another in exchange for significant ownership stakes in domestic companies or other domestic assets.

Answer 21

• foreign investment

Question 22

an increase in the capacity of an economy to produce goods and services, compared from one period of time to another.

Answer 22

• economic growth

Question 23

process of transferring ownership of a business, enterprise, agency, public service or public property

Answer 23

• privatization:

Question 24

the contracting out of a business process, which an organization may have previously performed internally or has a new need for, to an independent organization from which the process is purchased back as a service.

Answer 24

• outsourcing

Question 25

high-tech knowledge or production

Answer 25

• knowledge economy

Question 26

: in a general sense is the capacity to support, maintain or endure.

Answer 26

sustainability

Question 27

the state of flourishing, thriving, good fortune and/or successful social status.

Answer 27

prosperity

Question 28

that which gives meaning to one’s life and draws one to transcend oneself.

Answer 28

• spirituality

Question 29

Multiple perspectives regarding the relationship among people, the land and globalization

Answer 29

spirituality
stewardship
sustainability
resource development

Question 30

the careful and responsible management of something entrusted to one’s care.

Answer 30

• stewardship

Question 31

of, relating to, or being a method of harvesting or using a resource so that the resource is not depleted or permanently damaged

Answer 31

• sustainability

Question 32

The study of how to increase resources and to create the conditions that will make better use of those resources. In economics a resource is defined as a commodity, service, or other asset used to produce goods and services that meet human needs and wants.

Answer 32

• resource development

Question 33

These are formed over very long geological periods. Minerals and fossils are included in this category. Since their rate of formation is extremely slow, they cannot be replenished once they are depleted. Out of these, the metallic minerals can be re-used by recycling them, but coal and petroleum cannot be recycled.

Answer 33

• Non-renewable Resources

Question 34

These are things such as forests and fisheries, can be replenished or reproduced relatively quickly. The highest rate at which a resource can be used sustainably is the sustainable yield. Some resources, like sunlight, air, and wind, are called perpetual resources because they are available continuously, though at a limited rate. Their quantity is not affected by human consumption.

Answer 34

• Renewable resources

Question 35

Canada Ontario Resource Development Agreement (CORDA) is an agreement between Canada, Ontario and First Nations’ member in Ontario.

Answer 35

• resource development agreements:

Question 36

An international agreement that aims to reduce carbon dioxide emissions and the presence of greenhouse gases.

Answer 36

• Kyoto Protocol