Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Social Studies 10 > Economic Globalization Terminology > Flashcards

Economic Globalization Terminology Flashcards

(81 cards)

Start Studying
1
Q

Economics

A

The system of distribution of goods and services in a given society

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Prosperity

A

Economic success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Terms of trade

A

Index export price/ index import price Higher export=more money=can import more

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Microeconomics

A

Focuses on the small details analyzed in the market behaviour of consumers and suppliers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Macroeconomics

A

Focuses on national economy and how things work in the global business world

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Tradition market

A

A system where traditions, customs, and belief systems determine operation (closely tied to social structure)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Market Economy

A

Driven by capitalism. Idea that the market should be able to monitor itself (little to no government control)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Demand theory

A

Desire and ability to buy a good or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Supply theory

A

The quantity of a good or service that a producer is willing to provide at a particular price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Equilibrium

A

This is the price where the supply of goods matches the demand, this position very rarely lasts for long

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Monopoly

A

One producer or seller of a product: there is a single business in the industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Oligopoly

A

Only a few firms make up the industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Perfect competition

A

Would look like: Many buyers and sellers Many products similar in nature Sellers are not able to set the price (supply and demand)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

NAFTA

A

North American Free Trade Agreement (Canada, USA, and Mexico)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Trading blocs

A

Essentially groups of countries that trade together

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

EU

A

European Union

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

World Bank

A

Made up of two institutions: International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

IMF

A

International Monetary Fund

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Trade liberalization

A

Aims to provide opportunities for economic globalization through free trade (privatization of crown corporations, foreign investment, outsourcing)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What does the IMF do?

A

Lend money with interest to other countries (short term borrowing). Created for the post-war era to deal with serious debt.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What does the World Bank do?

A

Provides loans to developing nations. A UN international financial institution. Also provides resources and advice.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

UN

A

United Nations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

GATT

A

General Agreement on Tariffs and Trade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

WTO

A

World Trade Organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What does the WTO do?
Sets the rules. Deals with global trade between nations. Settles disputes.
26
What was the Bretton Woods Conference?
44 nations met after WW2 to create agreements on how to deal with post-war era. Discussed the creation of IMF and IBRD.
27
Poverty
There are multiple definitions. ie. When a person or a group of people have insufficient means.
28
Under-development
When resources are not used to their full potential and development is slow.
29
MNC's
Multinational corporations
30
NGO's
Non-governmental organization
31
IGOs
Intergovernmental organization
32
Civil Society
Non-state, non-profit organization that deals with the issues of society (ie. human rights, the environment, labour standards, anti-corruption, etc.)
33
Bandung Conference
A meeting of Asian and African states to discuss inequality issues across Africa and Asia
34
GDP
Gross Domestic Product (monetary value of all goods and services in a given country)
35
GNP
Gross National Product Market value of all the products and services produced in one year by labor and property supplied in a country
36
Gini Coefficient
Fluctuation of wealth- measurement of income distribution in a country and used to determine income gaps
37
HDI
Human Development Index
38
What is the Human Development Index based on?
Life expectancy at birth Mean years of schooling Expected years of schooling Gross national income per capita
39
Development Theory
A collection of theories about how desirable change in society is best accomplished
40
Modernisation theory
A theory used to explain the process of progressive transition from a traditional society to a "modern" society.
41
Dependency Theory
A theory suggesting that resources from poor and underdeveloped states flow to wealthy states and enrich them at the expense of the poor ones.
42
OPEC
Organization of Petroleum Exporting Countries
43
Petrodollars
A unit of currency a country earns from the export of petroleum
44
Neo-liberalism
An approach to economic and social studies in which control of economic factors is shifted from the public TO the private sector
45
Monetarism
The theory or practice of controlling the supply of money as the main method of stabilizing the economy
46
SAP's
Structural Adjustment Programmes (loans provided by the IMF and World Bank to countries that experienced economic crises)
47
Import Substitution Industrialisation
(ISI) Economic and trade policy which advocates replacing foreign imports with domestic production
48
Export Oriented Industrialisation
(EOI) An economic and trade policy aiming to speed up a country's industrialization process by exporting goods for which the nation has an advantage.
49
Export Processing Zones
Areas within developing countries that offer a barrier-free environment and incentives to promote economic growth by attracting foreign investments for export-oriented production.
50
The system of distribution of goods and services in a given society
Economics
51
Economic success
Prosperity
52
Index export price/ index import price Higher export=more money=can import more
Terms of trade
53
Focuses on the small details analyzed in the market behaviour of consumers and suppliers
Microeconomics
54
Focuses on national economy and how things work in the global business world
Macroeconomics
55
A system where traditions, customs, and belief systems determine operation (closely tied to social structure)
Tradition market
56
Driven by capitalism. Idea that the market should be able to monitor itself (little to no government control)
Market Economy
57
Desire and ability to buy a good or service
Demand theory
58
The quantity of a good or service that a producer is willing to provide at a particular price
Supply theory
59
This is the price where the supply of goods matches the demand, this position very rarely lasts for long
Equilibrium
60
One producer or seller of a product: there is a single business in the industry
Monopoly
61
Only a few firms make up the industry
Oligopoly
62
Would look like: Many buyers and sellers Many products similar in nature Sellers are not able to set the price (supply and demand)
Perfect competition
63
Essentially groups of countries that trade together
Trading blocs
64
Made up of two institutions: International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA)
World Bank
65
Aims to provide opportunities for economic globalization through free trade (privatization of crown corporations, foreign investment, outsourcing)
Trade liberalization
66
44 nations met after WW2 to create agreements on how to deal with post-war era. Discussed the creation of IMF and IBRD.
What was the Bretton Woods Conference?
67
There are multiple definitions. ie. When a person or a group of people have insufficient means.
Poverty
68
When resources are not used to their full potential and development is slow.
Under-development
69
Non-state, non-profit organization that deals with the issues of society (ie. human rights, the environment, labour standards, anti-corruption, etc.)
Civil Society
70
A meeting of Asian and African states to discuss inequality issues across Africa and Asia
Bandung Conference
71
Fluctuation of wealth- measurement of income distribution in a country and used to determine income gaps
Gini Coefficient
72
Life expectancy at birth Mean years of schooling Expected years of schooling Gross national income per capita
What is the Human Development Index based on?
73
A collection of theories about how desirable change in society is best accomplished
Development Theory
74
A theory used to explain the process of progressive transition from a traditional society to a "modern" society.
Modernisation theory
75
A theory suggesting that resources from poor and underdeveloped states flow to wealthy states and enrich them at the expense of the poor ones.
Dependency Theory
76
A unit of currency a country earns from the export of petroleum
Petrodollars
77
An approach to economic and social studies in which control of economic factors is shifted from the public TO the private sector
Neo-liberalism
78
The theory or practice of controlling the supply of money as the main method of stabilizing the economy
Monetarism
79
(ISI) Economic and trade policy which advocates replacing foreign imports with domestic production
Import Substitution Industrialisation
80
(EOI) An economic and trade policy aiming to speed up a country's industrialization process by exporting goods for which the nation has an advantage.
Export Oriented Industrialisation
81
Areas within developing countries that offer a barrier-free environment and incentives to promote economic growth by attracting foreign investments for export-oriented production.
Export Processing Zones

Social Studies 10 (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions