Economic Globalization
A period of low economic activity accompanied by high rates of unemployment.
What is an economic depression?
A general agreement.
What is Consensus?
The degree to which Earth is able to provide the resources necessary to meet people's needs. ex. oil
What is sustainability?
A measure of the health of a country’s economy and the prosperity of its people.
What is Gross Domestic Product (GDP)?
North American Free Trade Agreement
What is NAFTA?
An economic and political system whose purpose is to eliminate class distinctions. Everyone would receive help as they need it and everyone would work for the benefit of others.
What is communism?
Occurs when two or more countries eliminate tariffs and taxes on the goods and services traded with one another.
What is Free Trade?
The area of the earth's surface necessary to sustain the level of resources a person uses and the waste she/he creates.
What is an ecological footprint?
The selling of a public services, such as electricity delivery or health care, to a private company so that the services is no longer owned by the government.
What is privatization?
Canada, USA, Germany, United Kingdom, France, Italy, Russian Federation, and Japan.
What are the G8 countries?
These organisations provide financial aid to countries who struggle to get back on their feet, deal with rules on how countries should deal with their money, and govern international trade and finance.
What are the purposes of the IMF and WB?
Created a liberalized trading area in Europe resulting in goods, services, money and people being transported easily to one country from another.
What is The European Union?
Called on countries to reduce and control (human) emissions GHGs to 5.2 percent below 1990 levels by 2012.
What were the goals of the Kyoto protocol?
Practicing stewardship of the environment and resources so that future generations are able to achieve prosperity.
What is sustainable prosperity?
Stretching the length of the border between the United States and Mexico, it is a 210-km strip of land.
What are Maquiladoras?
Some may include: war, natural disasters, famine, economic uncertainty, government economic policies, price changes for non-renewable energy, and changes in investors’ confidences.
What are factors that affect the global economy?
An area that has been stimulated by communication technologies, examples are businesses like Canadian Tire and Amazon
What is Electronic Commerce?
Shipping is an element of the globalized transportation systems that move goods and materials. Ships go through a life cycle; they are build, ships move goods and materials, and death/disposal of ships. They leave behind an environmental impact and there are proposals to improve the sustainability of ship building.
How are globalization and sustainability related?
Organization that liberalized trade in agricultural products in order to help economies gain economic prosperity.
What is the World Trade Organization (WTO)?
Nominated by the European Union to set dependable international exchange rates for world currencies and establish international economic stability and promote foreign trade.
What is the International Monetary Fund?
A conference held to figure out how to prevent the kind of economic turmoil that could lead to another world war. The World Bank and the International Monetary Fund were mapped out during this meeting.
What is the Bretton Woods Conference?
Reducing costs and increasing profits by building factories, service centres and retail outlets in various countries.
What are the Contributions of the transnational corporation?
Promoting environmental stewardship by reducing GHG emissions, by using sustainable resources, lower the energy needed for economic activities (oil extraction), use ‘green’ energy sources, reduce consumption of energy through conservation, and to save on production costs.
What are ways to reduce Canada’s ecological footprint?
Foreign investment, Privatization, Trade Liberalization, Knowledge economy, and outsourcing.
What fuels economic growth?
Disagreed with a certain person's view on the economy and therefore believed the government should have little to no control and instead should protect the market by ensuring that its rules and laws do not interfere with competition between businesses.
Who was Milton Friedman?