60 terms

Unit 3


Terms in this set (...)

World Bank
agency of the United Nations that provides loans to less developed countries
IMF, International Monetary Fund
works with the World Bank to bring stability to international monetary affairs and help expand world trade
Cold War
a global economic and political competition that divided the communist countries
Bretton Woods Agreement
an agreement made by 44 countries to establish a system of rules for the postwar global economy
The Gold Standard
a provision of the Bretton Woods Agreement that all printed money would be convertible to gold
a situation in which the amount of currency in circulation increases but is lesser in value
Floating Exchange Rates
currency rates that aren't fixed by government, but find their own value in the foreign exchange market
Proportional Shares
shares corresponding in amount to something else
Centrally Planned Economy
a system where government planners decide what goods to produce, and how many
Free Market Economy
a system where government would regulate nothing and all business and property would be privately owned
WTO, World Trade Organization
international organization that works to improve trade relations among the world's countries
Deng Xiaoping
China's leader that decided to put china on the road to capitalism
a period of reduced economic activity longer than 6 months
Mutual Fund
a company that combines its clients money and invests it in a collection of stocks
John Maynard Keynes
British economist, developed theories that called for a large role for government in the economy
Friedrich Hayek
believed when governments try to control, societies fail
Thomas Friedman
discussed his views on globalization in a book, believed countries must sacrifice some degree of economic sovereignty
political system where individuals are totally subordinate to the decisions of the state
Margaret Thatcher
prime minister of Britain, outspoken supporter of Hayek's ideas
GATT, General Agreement on Tariffs and Trade
international agreement to reduce trade barriers
FTA, Free Trade Agreement
treaty between Canada and US to promote trade by reducing tariffs
NAFTA, North American Free Trade Agreement
treaty to improve trade by removing tariffs
group of eight major industrial democracies
CIDA, Canadian International Development Agency
agency responsible for administering foreign aid programs
transnational corporations, companies that operate in two or more countries
companies controlled by a parent company
Human Capital
the knowledge, skills, and talents that workers have
Capital-Intensive Production
manufacturing where most work is done by machinery
Labour-Intensive Production
manufacturing where most work is done by hand
FDI, Foreign Direct Investment
investment in a country made by a foreign company
communicating through technology
Intermodal Transportation
a system where several types of transportation are used to move freight
MERCOSUR, Mercado Comun del Cono Sur
one of the major trade organizations in South America
CAN, Communidad Andina de Naciones
another major trade organization in South America
European Union
organization of 25 countries, powerful common market
IBRD, International Bank for Reconstruction and Development
helps low and middle income countries
IDA, International Development Association
focuses on world's poorest countries
IEG, Indépendant Evaluation Group
examines the work done by the World Bank
HIPC, Heavily Indebted Poor Countries
countries that owe debts to developed countries and can't repay
austerity programs
economic programs that aim to reduce government debt
trade liberalization
the process of reducing barriers to trade
Crown Corporations
government owned companies
large-scale agricultural business such as factory farms
the hiring of one company by another to fulfill certain tasks in production
knowledge economy
the use of knowledge to produce economic benefits
OECD, Organization for Economic Cooperation and Development
international organization that works to meet the challenges of globalization
environmental impact
any change that a project may cause in the environment
the destruction of forests by clearing as a result of economic globalization
global warming
gradual increase in the overall temperature of the earth
the growth of towns and cities, as people migrate in search of work and other opportunities
OPEC, Organization of Petroleum Exporting Countries
formed to regulate oil production and markets
exclusive economic zones
areas where people were allowed to fish, protected areas
CITES, Convention on International Trade in Endangered Species
help draw attention to and discourage people from capturing endangered plants and animals for trading
Kyoto Protocol
international agreement that aims to reduce emissions of greenhouse gases
ANWR, Arctic National Wildlife Refugee
in Alaska, home to Inupiat and Gwich'in people, and vast array of arctic plants and animals
ability for something to be maintained
Physiographic Regions of Canada
Canada divided into 7 physiographic regions, e.g. Arctic, Cordillera
NEP, National Energy Policy
policy where government made oil companies lower oil prices
GPI, Genuine Progress Indicator
a measure of sustainable prosperity that takes into account the value of non-economic positive factors
UNICEF, United Nations International Children's Emergency Fund
agency created by United Nations concerned with improving the health and nutrition of children