Related Issue 3 - Vocab Flashcards
(23 cards)
Bretton Woods agreement
An agreement created after WWII by 44 countries to establish a system of rules, institutions, and procedures for the postwar global economy.
World Bank
An agency of the UN that is independent and controlled by 184 member countries which provide loans for less developed countries.
International Monetary Fund
An international agency that works with the world bank to bring stability to international monetary affairs and to help expand world trade.
John Maynard Keynes
Economist who believed that by creating demand industry will grow, therefore, the government should intervene to stabilize the economy.
Friedrich Hayek
Economist who believed that government intervention could hurt the economy and was defender of free market capitalism.
USMCA
A free trade agreement between Canada, the United States and Mexico.
WTO
International organization founded in 1995 that works to improve trade relations among the world’s countries.
G8
An informal group of the eight major industrial democracies that meets at annual summits to discuss economic and foreign policies.
La Francophonie
An international organization representing countries and regions where a significant population is francophone.
Transnational corporations
Cooperations that operate in two or more countries.
Trade blocs
A group of countries that reduced or removed trade barriers.
EU
European common market which works to developed common foreign and security policies.
Trade liberalization
The process of reducing barriers to trade.
Outsourcing
The hiring of one company by another to fulfill certain tasks in production.
Resource devlopment
Development that does not harm the environment.
Environmental legislation
Laws that protect the environment.
OPEC
The organization of petroleum exporting countries controls petroleum production, supply, and prices in the global market.
EEZ
The exclusive economic zone is the zone where coastal nations have jurisdiction over natural resources.
Stewardship
The obligation to maintain resources in a sustainable manner.
Sustainability
The ability to maintain or support a process over time.
Prosperity
When all people have the opportunity and freedom to thrive.
GPI
The genuine progress indicator measures the economic growth of a country.
Floating exchange rate
Currency value is determined by supply and demand.
