Chapter 2.1 MIDTERMS Flashcards
(96 cards)
1
Q
It emphasizes the interconnectiveness and introduce us to the economic system not only in the Philippines, but also the other countries. Refers to the economy of the world.
A
Global Economy
2
Q
It encompasses different economic activities, including the facilitation and behavior of all the goods products and services
A
Global Economy
3
Q
Deals with the concept of economic activities or movement of the products and services in different markets
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Economy
4
Q
it involves the production, creation of the product, services.
A
Economic Activities
5
Q
What are the examples of Economic Activites?
A
Importation/ Import
Exportation/ Export
6
Q
We are getting products from other countries
A
Importation/ Import
7
Q
We release raw materials to other counteries
A
Exportation/ Export
8
Q
It is considered as an international organization tried to address the different problems in the world.
A
United Nation (UN)
9
Q
Their efforts were guided by The 2030 Agenda for Sustainable Development
A
United Nation (UN)
10
Q
It was adopted by all United Nation Members State in 2015, provides a shared blueprint for peace and prosperity for people and the planet, now and into the future
A
The 2030 Agenda for Sustainable Development
11
Q
This are an urgent call for action by all countries - developed and developing - in a global partnership.
A
17 Sustainable Development Goals (SDGs)
12
Q
They recognize that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth - all while tackling climate chancge and working to preserve our oceans and forests.
A
United Nation
13
Q
When was the United Nation born?
A
1945
14
Q
United Nation was born in 1945 and ______________ was one of the countries that signed to form this organization
A
Philippines
15
Q
Philippines is the ________ country that signed to form the United Nation organization
A
51st
16
Q
How many member states does the United Nations comprise?
A
193
17
Q
It refers to the framework. This agenda consists of different roles that the other countries wants to achieve inside the United Nation.
A
The 2030 Agenda for Sustainable Development
18
Q
What are the 17 Sustainable Development Goals?
A
- No Poverty -
- Zero Hunger
- Good Health and Well-being
- Quality Education
- Gender Equality
- Clean Water and Sanitation
- Affordable and Clean Energy
- Decent Work and Economic Growth
- Industry, Innovation and Infastracture
- Reduced Inequalities
- Sustainable Cities and Communities
- Responsible Consumption and Production
- Climate Action
- Life below water
- Life on Land
- Peace, Justice and Strong Institutions
- Parternships for the goals
19
Q
It is one of the executive agency of the Philippines that is the overseer of the 17SDGs
A
National Economic Development Agency (NEDA)
20
Q
It masks all Filipino citizen are automatically entitled to public health benefits
A
Universal Healthcare Act RA 11223
21
Q
Universal Healthcare Act RA 11223 is the is the manifestations under 17SDG, namely _____________.
A
Good Health and Well-Being
22
Q
Before the SDGs, UN had ____________________.
A
the 8 Millennium Development Goals
23
Q
In what year did UN tried to achieve thethe 8 Millennium Development Goals
A
2015
24
Q
In terms of eradicating poverty, it becomes problematic and difficult to fully achieve this goal since there are different standards of living around the world depending on the economic status of each country as a member of the UN
A
the 8 Millennium Development Goals
25
Years after the composition of the 8 MDGs, UN reported that ______ million people are still living in extreme poverty but it went down from _______billion. It can be noticed that although it does not totally eradicate poverty, there is a slight success when it comes to the eradication of extreme poverty in the world
836 Million
1.9 Billion
26
It can be seen that UN had made a difference and somehow contributed in eradicating poverty but the greatest contributor would be the _____________________ since world economies have become more interconnected since the start of free trade in each country.
Economic Globalization
27
It refers to the increasing interdependence of world economies as a result of a growing scale of cross-border trade of commodities and services, (ex . imports and exports of product) flow of international capital (presence of multinational corporations in other countries around the world), and wide and rapid spread of technologies.
Economic Globalization
28
What are the 2 types of economic globalization?
Protectionism
Trade Liberalization
29
It means a policy of systematic goverment intervention in foriegn trade with the objective of encouraging domestic production.
Protectionism
30
This encouragement involves giving preferential treatment to domestic producers and discriminating against foreign competitors.
Protectionism
31
It actually means that the government would implement or say for example impose tariffs or quotas to imported products in order to make sure that the domestic product would be prioritzed and patronized first by the citizen rather than purchasing foreign products that are imported by the country.
Protectionism
32
The goal of this policy is to protect the domestic producers
Protectionism
33
Countries such as China, Japan and the Us are examples of this economy.
Protectionism
34
Countries such as China, Japan and the Us are examples of Protectionism according to ____________
Ritzer
35
World War II heavily influenced the shifting of the dominant economic policy from protectionism to _____________ of free trade.
Trade Liberalization
36
Free trade agreements and technological advances in transportation and communication means goods and services move around the world more easily than ever.
Trade Liberalization
37
This economic policy focuses more on free trade being governed by free trade agreements entered by different countries.
Trade Liberalization
38
Its focus is more open-market.
Trade Liberalization
39
It means that products and services are free to enter different countries.
Trade Liberalization
40
It refers to the degree to which the earth’s resources can be used for our needs even in the future.
Sustainable Development
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It refers to the development of our world today by using the earth’s resources and the preservation of such resources for the future.
Sustainable Development
42
It resulted into lack of sustainability.
Economic Globalization
43
This development entails the continuous production of the world’s natural resources resulting into disadvantage in the environment where our resources coming from and therefore cannot preserve for the sustainability of our future.
Economic Globalization
44
This development was hastened by the Industrial Revolution.
Environmental Degradation
45
It is a period where in different industries or factories emerged in the economy
Industrial Revolution
46
This was also was made possible under Industrial revolution.
Cycle of Efficiency
47
It refers to finding the quickest possible way of producing large amount of particular product. Since that there was an increased in the demand, they tend to always produce large amount of product. This resulted to a harm in the planet such as the emission of carbon from factories resulted into the damage of atmosphere.
Efficiency
48
He noted that neoliberals and environmentalists debate the impact of free trade on the environment.
Harvey (2005)
49
They argued that environmental issues should be given priority over economic issues since free trade through its expansion of manufacturing is associated with environmental damage.
Environmentalists
50
They saw the efforts of environmentalists as serious impediment to trade.
Neoliberals
51
This theory sees globalization as a process that can both protect and enhance the environment through inventing ways of enhancing the environment.
Ecological Modernization Theory
52
It means delivering sufficient food for the entire world population.
Global Food Security
53
It is the concern of all countries and it means the sustainability of society such as population growth, climate change, water scarcity and agriculture.
Global Food Security
54
He cited the case of India where in that country is accounted for 18% of the economy’s output in Agriculture and 47% of its workforce and considered as the 2nd biggest producer of vegetables in the world. Despite of those facts, still 194 millions of Indians are considered as undernourshed. It means that there is a challenge in food security because despite of the fact that a specific country is capable of producing any crop, it doesn’t guarantee that there is a food security within the country
Breene (2016)
55
Failure in food due to environmental damages as a result of development of globalization. Enviornment or natural resources is very important since it is the source of our food. True or False?
True
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It is the result of companies trying to outmaneuver their competitors.
Economic and Trade Globalization
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This process creates inequality as it produces WINNERS and LOSERS.
Economic and Trade Globalization
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As a result, these companies are searching for the cheapest way to produce a specific product in order to gain more profit. Tendency is they tend to produce products in other country which has lower wages and weak regulation when it comes to salary of the workers.
Economic and Trade Globalization
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They are those business owners who will benefit from the high profit and those consumers who will also benefit by purchasing a product with a low price since it is produced in a much lower capital.
Winners
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They are those low wage foreign workers since they are being thrown into hazardous working conditions and being paid in a much lower salary
Loser
61
It means an increase in one economic activity can lead to an increase in other economic activities. (Ex. When someone invested in a local business, it will create more job opportunities as the business owner will have to hire employees for the management of there business.) It simply suggests that there is a positive impact coming from economic globalization as it produces more job opportunities for the people.
Multiplier Effect
62
However, opponents of economic globalization think that outsourcing of jobs is a way of exploiting and oppression, a form of ________________ that puts profits before the people. As a result of low income and hazardous working conditions of the employees, few calls for protectionist policies like imposing high tariffs and limitation on outsourcing
Economic Colonialism
63
One of the best ways to help those in extreme poverty is to enable them to participate in the economy. A perfect example of ____________
Microcredit
64
He won the Nobel Peace Prize for giving small loans on average around $100 to low-income people in rural areas. The borrowers used this loan to fund plans in order to increase their income by means of starting small businesses
Muhammad Yunus
65
When did Muhammad Yunus won the Nobel Peace Prize
2006
66
This does not totally solve the problem of extreme poverty but supports the idea that it enables the people to participate in the economy that can make their lives better.
Microcredit
67
According to him, these poor people must innovate everyday in order to survive. They have the innovation but they remain poor because they don’t have the means to turn their creativity into sustainable income because they don’t have the capital.
Muhammad Yunus
68
The division of nations such as the terms “the north and the south”. “Developed and less developed”. The “core and the periphery” suggest that there are differences between countries and it reflects _______________ in the Contemporary World.
Inequality
69
It refers to the net worth of a country. It takes into account all the assets of the nation whether is natural (Natural resources that a country has), physical (businesses within the country) and human (workforce of a specific country) less the liabilities.
Wealth
70
It is the new earnings that are constantly being added to the pile of a country’s wealth. Example is the Gross Domestic Product (GDP).
Income
71
The two types of Global Economic Inequality
Wealth Inequality
Income Inequlity
72
It therefore speaks about the distribution of assets. There is no monetary measures that sums up the assets.
Wealth Inequality
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therefore talks about the earning which are being distributed and values about the flow of goods and services. Unlike in wealth, income has a monetary measures.
Income Inequality
74
It was explained that global inequality by describing an “_____________________” where in Industrial Revolution caused the differences among countries. Through the explosion of industry and modern technology, some countries become economically developed while others are developing countries. It resulted to economic gap between different countries maybe because some countries cannot afford to have modern technology. (Samakatuwid, di nila kayang makisabay sa Industrial Revolution kung kaya't naiiwan sila.)
Economic Big Bang
75
He explained global inequality by describing an “economic big bang” where in Industrial Revolution caused the differences among countries. Through the explosion of industry and modern technology, some countries become economically developed while others are developing countries. It resulted to economic gap between different countries maybe because some countries cannot afford to have modern technology. (Samakatuwid, di nila kayang makisabay sa Industrial Revolution kung kaya't naiiwan sila.)
Branko Millanovic (2011)
76
refers to the hierarchy of countries during the Cold War. During this period, Western Policymakers began talking about the world as three distinct political and economic blocs such as the 1st, 2nd and 3rd world countries.
“First, Second and Third World”
77
Wester Capitalist Countries are labelled as the _____
First World
78
Soviet Union and its allies were termed as the ___
Second World
79
Everyone else (Not included or allies of Western or Soviet Union) were grouped as the ____
Third World
80
However, during the end of the Cold War period, the term 2nd World became _______ and _______ as the Soviet Union collapsed.
null and void
81
form being a western countries before, it was associated to developed or rich or industrialized countries
in terms of 1st world
82
from being non-alliance countries, they started to be associated to impoverished states or undeveloped states.
in terms of 3rd world
83
refers to the first world countries before such as US, Canada, Western Europes, and developed part of Asia
Global North
84
It includes Caribbean, Latin America, South America, Africa and other parts of Asia. These countries were used to be called as Third World Countries before during the Cold War Era.
Global South
85
this classification point largely to _________ between the Black and White since wites are disproportinately in the North while the blacks are most primarily in the South. Racial Inequality in a way that blacks are being discriminated as someone belongs to the undeveloped states because most of them can be found in the South.
Racial Inequality
86
It has a significant relationship to globalization.
The Rural-Urban Differentiation
87
refers to the characteristics of being a countryside rather than town
Rural
88
It is the characteristic of being a town or city
Urban
89
It has altered North-South relations in Agriculture.
Globalization
90
According to __________, the relations of agricultural production have been replaced due to the rise of global agribusiness and factory farms.
McMichael
91
In this scenario, the South produces non-traditional products to export to another countries and becomes independent on importing industrialized food being exported by the North. It therefore displaces local farmers. Rural Economies are exposed to mass migration.
Global City
92
He used this concept to describe the three urban centers of New York (US). London (UK), and Tokyo (Japan) as economic centers that exert control over the world’s political economy.
Sassen
93
What concept did Sassen used?
Concept of Global Cities
94
These urban cities are beneficiaries of globalization. However, He claimed that they are also the most everely affected by global problems. Therefore, they face the peculiar or special political problems sunce they are the most affected in a specific country. “Local politics has become hopelessly overloaded”.
Bauman
95
A framework before the existence of 17 SGD that tried to achieve in the year 2015. It was become problematic due to different standards on the economic status of each country.
8 Millennium Development Goals
96
It refers to the usage and utilization of an innovation or product without affecting the environment.
Sustainable Development
