Types of Economy
What is Capitalism?
An economic system in which capital, goods, and means in production are owned by private individuals or businesses and wealth is not redistributed equally.
What is the U. N. ?
The U. N. stands for United Nations. It is an organization made of 193 member states and aims to promote international peace and cooperation.
What is a Trade Agreement?
A Trade Agreement, any contractual arrangement between states concerning their trade relationships
What is a tariff?
A tariff is a tax on goods and services imported into a country.
It is typically used to increase the price of imported goods, making them more expensive than domestic goods and services, thus protecting domestic industries.
After the Battle of Abrahams, Canada was a colony of what country?
Canada was a British colony.
What is Communism?
An economic system in which capital, goods, and means in production are owned by the government and wealth is redistributed equally.
What is N.A.T.O. ?
NATO stands for the North Atlantic Treaty Organization.
It is a military alliance of 32 countries from Europe and North America
What is a bi-lateral trade agreement?
A bilateral trade agreement is a formal accord between two countries that outlines specific terms for trade, commerce, transit, or investment
What are Imports and Exports?
Imports are goods or services bought in one country that was produced in another
Exports are goods and services manufactured or provided by businesses in one country and sold or traded in another
What happened between 1939 and 1945 and led to the creation of the U. N. ?
WWII
The destruction caused by World War I and World War II led many people to desire an international organization dedicated to maintaining peace.
What is Socialism?
Socialism is an economic system in which the means of production, critical infrastructure, and important ressources are owned or regulated by the government.
What is the E.U. ?
The EU stands for the European Union.
It is a political and economic union of 27 member states primarily located in Europe.
What is a multi-lateral trade agreement?
A multilateral trade agreement is a treaty between three or more countries that aims to regulate trade, reduce trade barriers, and promote economic integration
What is sustainability?
Sustainability means meeting the needs of the present without compromising the ability of future generations to meet their own needs.
In other words it has to be doable for many many years, or forever, without damaging our planet.
What did Canadian settlers initially sell to Europe? Who helped them?
They traded beaver pelts to Europe and they received help from the indigenous people of Canada.
What is a Traditional Economy?
An economic system based on customs, traditions, and beliefs. It often relies on agriculture, hunting, and bartering.
What is the I.M.F. ?
The IMF (International Monetary Fund) is a global organization that works to promote global economic stability.
It provides financial assistance and advice, especially during economic crises, and monitors the global economy
What is a Regional Trade Agreement?
Regional Trade Agreements (RTAs) are treaties between two or more countries within a specific region.
What is a trade surplus?
A trade surplus means a country sells (exports) more goods and services to other countries than it buys (imports) from them. It's essentially a positive balance of trade.
Which nations were primarily involved in the creation of Canada?
The First Nations, the French, and the British.
What is Mercantilism?
An economic theory and policy where a country tries to get rich by exporting more goods than it imports. Mercantilism was linked to colonialism as European countries pillaged ressources from other countries in order to sell them.
What is the G7?
The Group of Seven (G7) is an informal grouping of seven of the world's advanced economies (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States), along with the European Union
What is N.A.F.T.A. ?
NAFTA stands for the North American Free Trade Agreement, a treaty between the United States, Canada, and Mexico that aims to eliminate trade barriers between these three countries
What are bonds?
A bond is essentially a loan between an investor and a borrowing entity, often a government or company.
You give money to the government, and they give you more later.
Which countries were involved in the scramble of Africa?
France, the United-Kingdom, Belgium, and Germany.
Spain, Portugal, and Italy to a lesser extent.