Unit 5 Test Flashcards
(18 cards)
How did the Great Depression start?
In the 1920’s when the stock market crashed
What was the Bretton Woods Conference?
Bretton Woods Conference was an attempt by world powers to prepare for the end of WWII.
What was the purpose of the Treaty of Versailles? What bad results did it lead to?
The Treaty of Versailles was signed after WWI and made to punish Germany for WWI and make them pay for all the damages and take complete blame for the war.
It hit the German economy hard, preventing it from growing and created much resentment among the German
people. Germany also had to give up its colonies which were divided among the allied powers.
Outsourcing
reduces costs by using workers in less developed parts of
the world.
Role of TNCs in developing countries
TNCs reduce costs and increase profits by building factories and retail outlets in various
countries so as to ensure they have:
● The resources and parts to manufacture the products
● A steady, reliable source of labour
● Markets where they can sell their goods and services
What is the European Union?
Liberalized trade area that allows easy passage of goods, people, services
What is the USMCA?
United States, Mexico, Canada agreement
Recently negotiated free trade deal ni North America
What is Expansionism
WWl began as a result of a quest for more territory
What happened in 1917
Beginning of the Russian Revolution
What are Reparations
Costs paid by Germany as a result of World War I
Black Tuesday
The beginning of the 1930s Great Depression
Income Tax
Introduced to raise funds for the war effort
Fascist leader who broke the Treaty of Versailles
Hitler
Soviet leader whose main goal was industrialization
Stalin
Soviet leader who began Communism ni the USSR
Lenin
Free trade
Reciprocal trade to encourage cooperation b/w states
Trade Liberalization
Removes standards and regulations on trade
Capitalism
Based on supply/demand, free trade, individualism
