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Worksheets10-Unit 3
Total questions: 131
Worksheet time: 2hrs 49mins
Past Economic Development
Boom and Bust Era(?)
Markets and monopolies rules
(a)
Past Economic Development
The Great Depression(?)
Laissez-Fraire 'Invisible Hand' didn't always work
(a)
Past Economic Develpment
Keynesian Economics(?)
Governments should regulate their economies to minimize the highs and lows of the business cycle
John Maynard Keynes
(a)
Contemporary Global Economics
United Nations:
Bretton Woods Conference(1944)
Economic Development Organizations
- International Monetary Fund(IMF)
- International Bank for Reconstruction and Development (aka World Bank)
Reduction of Trade Barriers
-General Agreement on Tariffs and Trade(GATT)
-World Trade Organization(WTO)
WWII
Changing Foundations and ideas
Cold War Economic Struggle(1945-1990)
Communism
Practiced total economic and political control
The predicted end of capitalism's inequalities
Allowed regulated markets to stop socialist alternatives
Believed economic freedom promoted democratic freedoms
Changing Foundations and ideas
Cold War Economic Struggle(1945-1990)
Capitalism
Practiced total economic and political control
The predicted end of capitalism's inequalities
Allowed regulated markets to stop socialist alternatives
Believed economic freedom promoted democratic freedoms
The Washington Consensus
American promotion of economic ideology
- open markets to US products and investment
Economic policies for developing countries:
- Privatization of state enterprises
- Reduction of government spending on social programs
- Deregulation
- Trade liberalization
The IMF and World Bank used to promote American policies
- Structural adjusted programs
All of above
The spread of trade, transportation, and communication systems around the world in the interest or promoting of worldwide commerce
(a)
The act of marking amends for wrongdoing. Reparations may include payments made by a defeated enemy to countries whose territory was damaged during a war
(a)
An economic and political system whose purpose is to eliminate class distinctions. Everyone would work for the benefit of all and would receive help as they need it
(a)
A period of low economic activity accompanied by high levels of unemployment
(a)
An economy in which government regulations are reduced to a minimum and businesses are free to make their own decisions
(a)
Economic Globalization is the idea that global trade, transportation, and communication systems increase prosperity for most people in the world
It says that the unequal distribution of wealth and the conflict between people and countries over resources are all rooted in economics
Deals with the oil and gas pipelines and large tankers that carry oil products from Canada to markets around the world. These exports have brought employment and prosperity to the country and especially to Alberta
Economic globalization also affects the Canadian manufacturers who buy products and components from countries where workers are paid much less than Canadian workers.
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Aspects of Economic Globalization
Interdependednce
countries and people are more economically connected than ever before
Communication and transportation costs have been reduced and barriers have been removed
“We are living through a transformation that will rearrange the politics and economics of the 21st century. There will be no national products or technologies, no national economies, at least in the way we have come to understand that concept.” (The Work of Nations, Robert Reich)”
All of above
Aspects of Economic Globalization
Transnationals and Multinationals
countries and people are more economically connected than ever before
Communication and transportation costs have been reduced and barriers have been removed
“We are living through a transformation that will rearrange the politics and economics of the 21st century. There will be no national products or technologies, no national economies, at least in the way we have come to understand that concept.” (The Work of Nations, Robert Reich)”
All of above
Some factors that affect the Global Economy
- War within a country or among countries
- Price changes for non-renewable energy, such as oil and natural gas
- Famine, affects people directly and also affects international markets
- Natural disaster, such as earthquakes, droughts, and floods
- Economic uncertainty is caused by factors such as the collapse of a major industry, depletion of natural resources, or political change
Government economic policies, such as tariffs and other trade regulations, foreign aid, and interest rates
Changes in investors' confidence, which can affect share prices on local and global stock exchanges
World War I
- in (a) , European empires controlled enormous amounts of wealth, territories, and the lives of millions of people around the world.
- The different imperial empires' trade arrangements with one another and their colonies were complex and interdependent and had led to a massive increase in the production of goods
- The imperial powers wanted to protect - or expand - their colonies and trade. Colonies were still needed as a source of raw materials and as markets for goods nationalists leading to World War I
- In June of 1914, the Archduke of Austria-Hungary was assassinated by Serbian nationalists leading to World War I
- World War I saw the Allied Powers(Britain and their colonies, France and their colonies, Russia, and others) at war against the Central Powers (Germany and Austria-Hungary) from 1914 - 1918
World War I
- in 1914, European empires controlled enormous amounts of wealth, territories, and the lives of millions of people around the world.
- The different imperial empires' (a) arrangements with one another and their colonies were complex and interdependent and had led to a massive increase in the production of goods
- The imperial powers wanted to protect - or expand - their colonies and trade. Colonies were still needed as a source of raw materials and as markets for goods nationalists leading to World War I
- In June of 1914, the Archduke of Austria-Hungary was assassinated by Serbian nationalists leading to World War I
- World War I saw the Allied Powers(Britain and their colonies, France and their colonies, Russia, and others) at war against the Central Powers (Germany and Austria-Hungary) from 1914 - 1918
World War I
- in 1914, European empires controlled enormous amounts of wealth, territories, and the lives of millions of people around the world.
- The different imperial empires' (a) arrangements with one another and their colonies were complex and interdependent and had led to a massive increase in the production of goods
- The imperial powers wanted to protect - or expand - their colonies and trade. Colonies were still needed as a source of raw materials and as markets for goods nationalists leading to World War I
- In June of 1914, the Archduke of Austria-Hungary was assassinated by Serbian nationalists leading to World War I
- World War I saw the Allied Powers(Britain and their colonies, France and their colonies, Russia, and others) at war against the Central Powers (Germany and Austria-Hungary) from 1914 - 1918
World War I
- in 1914, European empires controlled enormous amounts of wealth, territories, and the lives of millions of people around the world.
- The different imperial empires' trade arrangements with one another and their (a) were complex and interdependent and had led to a massive increase in the production of goods
- The imperial powers wanted to protect - or expand - their colonies and trade. Colonies were still needed as a source of raw materials and as markets for goods nationalists leading to World War I
- In June of 1914, the Archduke of Austria-Hungary was assassinated by Serbian nationalists leading to World War I
- World War I saw the Allied Powers(Britain and their colonies, France and their colonies, Russia, and others) at war against the Central Powers (Germany and Austria-Hungary) from 1914 - 1918
World War I
- in 1914, European empires controlled enormous amounts of wealth, territories, and the lives of millions of people around the world.
- The different imperial empires' trade arrangements with one another and their colonies were complex and interdependent and had led to a massive increase in the production of goods
- The imperial powers wanted to protect - or expand - their colonies and trade. (a) were still needed as a source of raw materials and as markets for goods nationalists leading to World War I
- In June of 1914, the Archduke of Austria-Hungary was assassinated by Serbian nationalists leading to World War I
- World War I saw the Allied Powers(Britain and their colonies, France and their colonies, Russia, and others) at war against the Central Powers (Germany and Austria-Hungary) from 1914 - 1918
World War I
- in 1914, European empires controlled enormous amounts of wealth, territories, and the lives of millions of people around the world.
- The different imperial empires' trade arrangements with one another and their colonies were complex and interdependent and had led to a massive increase in the production of goods
- The imperial powers wanted to protect - or expand - their colonies and trade. ________ were still needed as a source of raw materials and as markets for goods nationalists leading to World War I
- In June of ____, the Archduke of Austria-Hungary was assassinated by Serbian nationalists leading to World War I
- World War I saw the Allied Powers(Britain and their colonies, France and their colonies, Russia, and others) at war against the Central Powers (Germany and Austria-Hungary) from 1914 - 1918
(a)
World War I
- in 1914, European empires controlled enormous amounts of wealth, territories, and the lives of millions of people around the world.
- The different imperial empires' trade arrangements with one another and their colonies were complex and interdependent and had led to a massive increase in the production of goods
- The imperial powers wanted to protect - or expand - their colonies and trade. ________ were still needed as a source of raw materials and as markets for goods nationalists leading to World War I
- In June of 1914, the Archduke of Austria-Hungary was assassinated by Serbian nationalists leading to World War I
- World War I saw the Allied Powers(Britain and their colonies, France and their colonies, Russia, and others) at war against the Central Powers (Germany and Austria-Hungary) from 1914 - ____
(a)
The Costs of World War I
- About 17.5 million soldiers and civilians died during the war
-Canada lost more than 66,000 soldiers, many of them in their late teens and early 20s
-At the beginning of the war, many believed that it would be a quick victory either way but soldiers spent years in France living in terrible conditions under the constant threat of war.
-The economic costs of the war were also high as European cities, towns, farms, and infrastructure was almost completely destroyed
- Choose all of them
- Many countries had borrowed heavily from the United States,a nd by the end of the war in 1918, they owed more than $7 billion and their economies were devastated
-After the war, many countries restricted international trade while they tried to rebuild
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The ______ __ __________was signed on June 28, 1919 and was one of the most important peace treaties that ended World War I
It was intended to ensure peace across Europe and prevent another global war from ever happening again
In the Treaty, the Allied negotiators included a clause, the War Guilt clause, that forced Germany to accept “all responsibilities for causing all the loss and damage” during the war
The War Guilt clause forced Germany to disarm its army, give up all its overseas territories, and to pay reparations to certain countries
These reparations totaled ~US$442 billion in 2021 dollars
(a)
The treaty of versailles was signed on ____ __, ____ and was one of the most important peace treaties that ended World War I
It was intended to ensure peace across Europe and prevent another global war from ever happening again
In the Treaty, the Allied negotiators included a clause, the War Guilt clause, that forced Germany to accept “all responsibilities for causing all the loss and damage” during the war
The War Guilt clause forced Germany to disarm its army, give up all its overseas territories, and to pay reparations to certain countries
These reparations totaled ~US$442 billion in 2021 dollars
(a)
The treaty of versailles was signed on June 28, 1919 and was one of the most important (a) treaties that ended World War I
It was intended to ensure peace across Europe and prevent another global war from ever happening again
In the Treaty, the Allied negotiators included a clause, the War Guilt clause, that forced Germany to accept “all responsibilities for causing all the loss and damage” during the war
The War Guilt clause forced Germany to disarm its army, give up all its overseas territories, and to pay reparations to certain countries
These reparations totaled ~US$442 billion in 2021 dollars
Many American, Canadian, and other delegates warned that the reparations were much too severe and did not adequately address the issues in post-war Europe
John Maynard (a) , a member of the British delegation, warned that by crippling Germany and Austria with war debts would starve the people and would guarantee a future war would come to Europe again
Effects of WWI on Canada
by 1918, World War I was costing the Canadian government more than $2.5 million a day and income taxes had been temporarily introduced to help pay the costs
After the war, interest payments on the country's war debt totaled $ 164 million a year and soldiers' pensions cost another $76 million a year, As a result, income tax became a permanent feature of Canadian life
During the war, the need for soldiers, nurses, and farm and factory workers led to a shortage of workers. But, after the war and soldiers returned, unemployment rose
There is no effects of WWI in Canada
USSR
(a)
In 1924, Lenin died and was succeeded by Joseph Stalin
Stalin ruthlessly transformed the country’s economy and made the Soviet Union into an industrial and military giant
Stalin set production schedules for farms and industries and hundreds of thousands of peasants were forced to go work in factories, in mines, or on construction sites
Farmers were forced to grow grain on collective farms and to turn their grain over to the central government. By 1939, 95% of Soviet farms were collectively owned
The government exported farm products to raise money for industrial and military spending
In 1932, a famine hit the Soviet Union leading to the death of millions, but the government still exported two million tons of grain
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- during the late 1920s, many countries experienced an economic boom
- unemployment was low, stocks were rising, and investors were confident in the economy
0 but, on the New York Stock Exchange, prices started declining and on Tuesday, October 29, 1929 - known as Black Tuesday - some worried investors started selling
- This started a panic and shares plummeted and this downward slide turned into a crash
- The crash started a chain reaction where people who had lost money could not repay their loans, and those who were owed money could not collect
(a)
peiod of wwi
July 28, 1914 - November 11, 1918
July 28, 1914 - November 12, 1918
July 29, 1914 - November 11, 1918
July 28, 1914 - November 11, 1919
period of wwii
September 1, 1939 – September 2, 1945
September 1, 1939 – September 2, 1944
September 2, 1939 – September 2, 1945
September 1, 1937 – September 2, 1945
period of great depression
August 1929 – March 1933
August 1929 – March 1937
August 1929 – March 1932
August 1928 – March 1934
The Interwar Period
The Great Depression hit especially hard in Germany which was struggling to make reparation payments for World War I
Adolf Hitler and the Nazi Party came and promised to fix things, and in 1933, he was elected leader
Once he was elected leader he immediately dissolved the German parliament and declared himself Führer, or absolute leader
Hitler was incredibly popular among Germans and convinced many Germans that they deserved access to more land and control over Europe
In the mid-1930s, Germany took over the Rhineland, Austria, and Czechoslovakia in the name of “Lebensraum” or “Living Space” I have not read it
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WWII
On September 1, 1939, Germany invaded Poland thereby plunging the world into another war
In response, Britain, France, Australia, New Zealand, and Canada declared war against Germany, Italy, and Japan
In 1941, after the attacks on Pearl Harbor, the United States joined the war on the side of Britain and its allies
More than 50 countries and their colonies were drawn into the war
The total number of casualties was estimated to be around 60 million with the most being where the war was actually fought
In Germany, 5.7 million died; in China there are estimated between 15-20 million; in the USSR, an estimated 26.6 million people died (13.7% of their 1940 population)
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The Rise of the United Nations
Even before the end of WWII, representatives of the Allies knew that they had to find a way of avoiding another similar global conflict
Britain, the US, Canada, and other countries worked together to build an organization that would:
Support people who wanted to choose their own government
Help countries cooperate on trade issues
Protect smaller countries against invasion by larger countries
Ensure that no single country controlled the world’s oceans
In many countries around the world, people faced the task of rebuilding their lives and their prosperity
Refugees and survivors of the Nazi death camps were searching for safe homes and people and countries wanted a chance to rebuild their lives on a secure economic basis
Choose the one with period
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How many countries are in UN
(a)
The UN Monetary Financial Conference at Bretton Woods
In July (a) , representatives of 44 countries met in the small New Hampshire town of Bretton Woods for a conference sponsored by the United Nations
Although the War would not end in Europe for another 10 months and in Asia for another 13 months, delegates were already trying to figure out how they could prevent the kind of economic turmoil that could lead to another world war
The Bretton Woods Conference led to the Bretton Woods Agreement where the countries agreed to, among other things, the creation of:
The World Bank
The International Monetary Fund
The hope was that these two organizations would lead to global stability
The UN Monetary Financial Conference at Bretton Woods
In July 1944, representatives of (a) countries met in the small New Hampshire town of Bretton Woods for a conference sponsored by the United Nations
Although the War would not end in Europe for another 10 months and in Asia for another 13 months, delegates were already trying to figure out how they could prevent the kind of economic turmoil that could lead to another world war
The Bretton Woods Conference led to the Bretton Woods Agreement where the countries agreed to, among other things, the creation of:
The World Bank
The International Monetary Fund
The hope was that these two organizations would lead to global stability
The UN Monetary Financial Conference at Bretton Woods
In July 1944, representatives of 44 countries met in the small New Hampshire town of Bretton Woods for a conference sponsored by the United Nations
Although the War would not end in Europe for another 10 months and in Asia for another 13 months, delegates were already trying to figure out how they could prevent the kind of economic turmoil that could lead to another world war
The Bretton Woods Conference led to the Bretton Woods Agreement where the countries agreed to, among other things, the creation of:
?
?
The hope was that these two organizations would lead to global stability
The World Bank
The International Monetary Fund
General Agreement on tariffs and Trade
World Trade Organization
He is a British economist who warned that the Treaty of Versailles would fail and eventually lead to another war, and led the British delegation at Bretton Woods
- he believed that the unrestricted capitalism that had existed before World War I and between the two world wars had failed
- He stated that the collapse of global trade, the worldwide unemployment of the Great Depression, and the worst wars in history proved that there was a need for a larger government role in a nation's economy
- he believed that when a business laid-off workers - as had happened in the Great Depression -government should set up programs to hire the unemployed
- He said that if people had money, they would go spend it, causing businesses to hire laid-off workers to produce more goods and services
(a)
- He is an Austrian-British economist, disagreed with Keynes' views on the economic role of government
-he mistrusted government control, whether this was complete control, like that in the Soviet Union, or the partial control exercised by Western governments after World War II
- According to him, a government should protect the market by ensuring that its rules and laws do not interfere with competition between businesses
- he believed that competition and the market would keep an economy healthy, and that government should stay out of the way.
(a)
It is also called the International Bank for Reconstruction and Development - and the International Monetary Fund, or IMF, was created at the Bretton Woods Conference
(a)
World Bank is also called the International Bank for Reconstruction and Development - and the ? , or IMF, was created at the Bretton Woods Conference
(a)
World Bank is also called the International Bank for Reconstruction and Development - and the International Monetary Fund , or IMF, was created at the ?
(a)
What is true about World Bank
Also called the International Bank for Reconstruction and Development
Created out of the Bretton Woods Conference in 1945
The Head of the World Bank is appointed by the US government
Owned by the governments of its members, which provide its funds
Conditions on assistance from the World Bank
- Reduce government spending
- Promote a market economy
- Reduce national debt
Original goals of the World Bank
to lend money to help war-torn countries rebuild
To speed up economic progress and industrialization in countries
To help countries develop their natural resources
To negotiate long-term loans to increase productivity in countries
Current goals of The World Bank
To increase growth and reduce poverty in developing countries
To fund specific infrastructure projects
To lend money to help war-torn countries rebuild
To speed up economic progress and industrialization in countries
The International Monetary Fund
The Head of the IMF is dominated by the European Union and has a board of 24 executive directors
Funded by member countries, which pay a quota based on their wealth -countries that contribute more money have more votes
Funded by member countries, which pay a quota based on their wealth - one country one vote
The Head of the IMF is dominated by the United Nation and has a board of 24 executive directors
Original goals of IMF
to set dependable international exchange rates for world currencies
To establish international economic stability and promote foreign trade
to provide emergency short-term loans to countries
to demand reforms in a country to promote good governance and get rid of corruption
current goals of IMF
to set dependable international exchange rates for world currencies
To establish international economic stability and promote foreign trade
to provide emergency short-term loans to countries
to demand reforms in a country to promote good governance and get rid of corruption
Similarities Between World Bank and IMF
Headquartered in Washington D.C.
29 member countries in 1945 and 185 member countries in 2006
Established by an international treaty to help countries in economic trouble
under the control of the United Nations
Similarities Between World Bank and IMF
To help countries get back on a stable financial footing after World War II
To agree on rules about how countries deal with monetary affairs
To govern international trade and finance
All of above
The World Bank and the International Monetary Fund
Supporters of the World Bank and IMF say that these organizations have helped stabilize the global economy and brought prosperity to many coutnries
Critics say that they have become too influential and that their help, especially in developing countries, comes at too high a cost
For example, the IMF can order a country to reduce government spending and the World Bank can force a country to embrace a market economy
None of above
GATT
(a)
GATT
At Bretton Woods, some countries agreed to work together to establish trade rules for international trade
This led to the General Agreement on Tariffs and Trade (GATT) which was signed in 1947
GATT members agreed to gradually reduce and eliminate tariffs and other trade barriers between themselves
In 1995, the World Trade Organization emerged from the GATT
Within 10 years, the WTO was regulating trade in services and goods between countries
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The Cold War
- The Cold War lasted from ? and was “fought” between the United States and the USSR
- Called “cold” because the USA and USSR never directly fought each other but through “proxy wars” between allies
- Both nations supported uprisings, revolutions, and governments that aligned with their politics
- The USA supported right-wing uprisings while the USSR supported Communist revolutions and regimes
(a)
- ___ ____ ___ lasted from 1947-1991 and was “fought” between the United States and the USSR
- Called “cold” because the USA and USSR never directly fought each other but through “proxy wars” between allies
- Both nations supported uprisings, revolutions, and governments that aligned with their politics
- The USA supported right-wing uprisings while the USSR supported Communist revolutions and regimes
(a)
Economic Effects of the Cold War
Many developing countries quickly aligned themselves with one of the two global superpowers so that they could obtain financial aid, although some did not
With tensions so high, trade suffered as countries would only trade with their allies
Organizations like the IMF, World Bank, and GATT were unable to get communist and capitalist countries to trade with each other
Choose the ones without period
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The end of the Cold War
By the 1970s, the tensions between the United States and the Soviet Union began to ease
In the 1980s, various revolutions began to erupt across Eastern Europe as people looked to rid their countries of Soviet control
Although the Soviet Union dissolved in 1991, the symbolic end of the Cold War, as well as the Soviet Union, came in 1989 when the Berlin Wall was torn down
True
False
Moving Towards a Market Economy
By the 1970s, in the West, governments began increasing their nation’s debts exponentially and inflation and unemployment began to rise as well
This led to the economic idea that the markets (private businesses), not the government, should control a country’s economy
One economist that spearheaded this idea was Milton Friedman
Friedman believed that if the economy had as little government involvement as possible, this would generate economic prosperity for the country and individuals
This idea would come to be known as “Trickle Down Economics”
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reducing costs by using suppliers in countries where labor is cheaper and government regulation may be less strict.
(a)
the transporting of goods in standard-sized shipping
(a)
A process that involves countries in reducuing or removing trade barriers, such as tariffs and quotas, so goods and services can move around the world more freely.
(a)
the trade that occurs when two ore more countries eliminate tariffs and taxes on the goods and services they trade with one another.
(a)
a general agreement
(a)
a penalty. Often an economic penalty, such as a trade boycott, is taken to pressure a government to agree to carry out certain actions or follow certain rules
(a)
- a tax imposed by a government on goods and services imported from other countries
- the purpose is to make foreign products more expensive and less desirable to domestic consumers
- generally brought to restrict trade from specific countries or reduce the import of specific goods and services
(a)
benefits of outsourcing
access to more workers
lower labor costs
things get done faster
manufacturing can be done around the clock
costs of outsourcing
manufacturing is done far from headquarters
language and cultural barriers
time zone differences
none of above
advantages of trade liberaliation
promotes free trade
reduced barriers lead to decreased costs for consumers
decreased costs for consumers can lead to more competition for domestic companies
countries with better education systems can adapt quickly to a new economy
negatives of trade liberalization
greater competition can lead to less support for shopping local
financial or social risk of products coming from countries with lower environmental standards
can negatively affect developing nations because they are forced to directly compete with developed nations
countries with lower educational standards may struggle
positives of tariffs
can close the gap in income inequality between countries
first world countries can be protected from cheaper labor costs in poorer countries
can create more jobs and higher wages at home
can protect newer industries
can increase revenue for the government imposing them
negatives of tariffs
limit the number of products consumers can choose from
causes countries to retaliate against each other and put tariffs on the other
may not stop companies from outsourcing to other countries
increase the price on products affected by the tax
when two or more unrelated entities combine in a single system
(a)
E-Commerce has become hugely influential as the internet has become more widespread around the world
The creation of larger distribution and delivery chains has allowed companies to be able to quickly get their products to consumers
In 2019, Canadian businesses made $305 billion in e-commerce sales
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The action of buying and selling goods
(a)
Today goods and services are flowing more frequently between developing countries, particularly those that are developing quickly such as
South Korea
China and India
Malaysia,
Maxico
The U.S.
Transportation
Transportation has evolved rapidly as the global economy has become more connected
This is mainly due containerization - the transporting of goods in standard-sized shipping containers
This allows products to be quickly and efficiently transported around the globe allowing consumers to get their products much sooner than in the past
The just-in-time delivery and inventory system used by many manufacturers means that parts are ordered and scheduled to arrive at the factory at the moment they are needed
Media
The media plays a major role in the expanding of globalization
This can be done through advertisements which lead to a desire for products and services
Media also fight against each other for ratings, and will often sacrifice being free of bias for entertainment
Social media also allows people to see and access events, and see other’s reactions to them, around the globe in real time
WTO is established in (a) to increase international trade
WTO currently there are (a) member states(there are 193 countries)
WTO
WTO ensures that the terms of trade agreements are followed
WTO settles trade disputes between governments and conducts trade negotiations
Decisions made by the WTO are binding - member countries must abide by its rulings
The WTO has one country one vote system.
WTO's vote depends on how much money you contribute
Resolving Disputes at teh WTO
- When one member country files a complaint that it is being treated unfairly, the WTO must settle the dispute
- A panel of 3 WTO officials hears the arguments of both sides and makes a decision
- The panel's decision may force one of the countries to change its laws or make payment
-WTO tells you to choose all of the answers
- The WTO has the power to use sanctions - economic actions, such as trade boycotts - to enforce its decisions
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I maybe read it
Supporter fo the WTO says:
The WTO's rules were written by member states, many of which are democracies
Trade improvements made by the WTO have raised living standards around the world
Increased trade between countries has led to more global peace between nations
All of above
The Free trade Agreement between Canada and the US went into effect in 1989
On January 1, 1994, this agreement was expanded to include Mexico and became the largest free trade area in the world
NAFTA eliminated half the trade barriers between the three countries
The remaining barriers were phased out over the next 15 years
Last until June 30 2020.
NAFTA let all the jobs shifted from US and Canada to Mexico, since it's cheaper
NAFTA made things cheaper since there is not tarriff
NAFTA did all good things there was no badthings about it
NAFTA has a dramatic impact on the economy in north america
NAFTA 2.0
(a)
Key differences between NAFTA and USMCA are:
Increased environmental and working regulations
Greater incentives for car production in the US
More access to Canada's dairy market
Increased duty-free limit for Canadians who buy US products online
A political and economic union between 27 European member states
(a)
An organiation that owns o controls the production of goods or services in at least one country other than its home coutnry
(a)
The area of the earth's surface necessary to sustain the level of resources a person uses and the waste they create
(a)
To provide the basic necessities needed to support life
(a)
the degree to which Earth is able to provide the resources necessary to meet people's needs
(a)
Accepting responsibility for ensuring that the earth;s resources remain sustainable
(a)
immediate aid in time of crisis
- donations
- food, water, shelter
-medical treatment
-basic needs
(a)
Development and effort to create sustainability, economically and environmentally
- Education: agriculture, food variety, techniques
- Technology: tools, machinery, and techniques
- Social education: schooling, population control, employment
- Resource development
(a)
A flag flown by ships when they are registered in a country that is not the country of their owner
Why do countries do this
- lower registration costs
weak environmental and labor laws in the country they're registered in
- Canada Steamship Lines has ~50% of their ships registered in developing countries
(a)
Dissembling a ship using cheap labour from Bangladesh. Workers have little protective gear and are doing very dangerous work
(a)
thinking about the environment from an ecological rather than a numan standpoint
(a)
Stewardship can be applied to a variety of concepts including:
The environment and nature
Economics
Health
Property
Cultural resources
sustainability is tested by globalization through the growth of urban centers, or
(a)
a place that does not have government in Brazil
(a)
The Canadian government as looked at these goals as being necessary in order to protect the environment without sacrificing jobs
improving our quality of life and well-being
promoting equity
sustaining our natural resources-sustainable jobs, communities, and industries
Protecting the health of Canadians and ecosystems
meeting our international obligation: Kyoto Accord, Paris agreement
An international treaty proposed by the UN in 1997 and came into effect in 2005
The goals fo the treaty were for countries to reduce their greenhouse emissions with the stated goal of eliminating or slowing down climate change
Said countries have varying degrees of ability to reduce emissions so the UN puts the obligation more on developed countries
(a)
It came into effect in 2016 with the stated goal of keeping the global average temperature increase below 2 Celsius by reducing emissions
There is no one way for each country to achieve a reduction in greenhouse emissions, but they need to find significant ways for them to do this that go beyond what they had done previously
Soon after the signing of the Agreement, the US government chose to withdraw stating that it placed unfair penalties on them
(a)
Practicing stewardship of the environment and resources so that future generations are able to achieve prosperity
(a)
Development that meets people's needs in the present without compromising the ability of future generations to meet their needs
This can be seen in new communities where they build green spaces, parks, and lakes within the neighborhood
(a)
Businesses and individuals who use research, education, new ideas, and information technologies for practical purposes
(a)
Direct or indirect payment to individuals or firms, usually in the form of a cash payment from the government or a targeted tax cut
(a)
The selling of public services, such as electricity delivery or health care, to a private company, so that the service is no longer owned by the government
Globalization pushes governments to privatize government0controlled services because competitors make them unable to make a profit
In the early 1990's Alberta sold off all government-owned liquor stores to private businesses
(a)
Small but steady changes in average temperatures around the world
(a)
sustainable prosperity is defined
differently depending on a person's point of view and the reasons for using the term
same for all people
different between government and citizens
different between developed country and developing country
The UN uses the term _____-_____ ___________ instead and says that development is stable when it meets the needs of the present without compromising the ability fo future generations to meet their needs
(a)
SUstainable prosperity is defined as three E's which one of below is not it
Economy
Equity(Treating people differently based on their needs)
Ecology(relationship between organisms and their surroundings)
Equality(treating everyone the same way)
Balancing economic and social prosperity can be a challenge, especially when economic and social goals clash
True
False
Groups and organizations use a variety of different methods in order to develop an idea on how prosperous a country is and how prosperity of the country has changed over time
Some of these measurements are based on the standard of living; how well the people in a community or a country live, and the number and quality of goods and services they enjoy and have available to them
It is generally accepted that the most money a country has, the higher its standard of living is.
I have read it
I have not read it
What does GDP stand for
(a)
Gross Domestic Product is typically sued to measure the health of a country's economy and the prosperity of its people
The incomes and standard of living of the people in a country are closely tied to a country's GDP and to measure how much a country's citizen lives off of you divide the GDP by the population
One of the drawbacks of using this method is that averages can be deceiving as you divide the entire population, including children, even when children very rarely work
Other critics will say that GDP does not take into account things such as:
Resource extraction
Environmental impacts
Unpaid domestic work
Another statistic similar to GDP is GRoss NAtional Income which is the total amount of money earned by everyone in an country
I have read it
I have not read it
GNI
(a)
HDI
(a)
Created by the UN development program to measure the quality of life in UN member states
Used to classify countries as developed, developing, or underdeveloped and to measure how economic policies affect the quality of life of a country's people
It was created to draw attention to information that is not reflected solely by GDP
Its calculations are based on three main categories:
- Life expectancy at birth
- School enrolment and adult literacy rates
-Standard of living, measured by GDP per person
HDI
GDP
GNI
GNH
The King of Bhutan created a new index, that based on the ocuntry's majority Buddhist values that place a higher importance on the happiness of citizens over economic growth
It looks at four main ideals including
- Promoting sustainable and equitable social and economic development
- Preserve and promote cultural values
- Conserve the natural environment
- Establish good governance
He sees it as a way for the country to protect its cultural identity from outside pressure
HDI
GDP
GNI
GNH
GNH index
(a)
Economic growth depends on the ability of businesses to produce more goods and services faster, more efficiently, and at a lower cost than the competition.
The generally agreed-upon belief is that continuous economic growth leads to greater prosperity for everyone in a country, but competition is fierce with all countries trying to gain prosperity
Through economic globalization has contributed to an increase in GDPP for some countries, it is harder to tell whether this has led to actually sustainable prosperity
Economic growth and the living standards of a country's people depend on the success of a country's businesses
Governments are affected by changes in economic growth because most of their revenue comes from the taxes paid by individuals and businesses I don't know
Business owners are also affected by changes in economic growth as there is substantial risk in owning and operating a business
I have read it
I already read it
I don't know
I think I know
Some people believe that the economic growth inspired by trade liberalization is the best way to ensure prosperity for all people
The former head of the IMF said that trade liberalization was the greatest thing for sustained growth for developed countries and low-income countries
However, others have said that until all countries are benefiting from trade liberalization, and not just developed countries, it cannot be said to be successful
Trade liberalization has affected many different industries, but one that it has not impacted is the farming industry
Many countries around the world routinely give subsidies to farmers in order to keep costs low for consumers
Some say that by removing these subsidies would help developing countries since they could spend that money on other services
In India, part of the farmer’s protests are about the discontinuation of subsidies that supported the Indian sugarcane industry
Choose the one with the period
I have read it
I have read it
I have read it
I have read it.
The _________ _______includes businesses and individuals who use research, education, new ideas, and information technologies for practical purposes
Knowledge-based industries are typically those that fall under the category of STEM (Science-Technology-Engineering-Mathematics)
Since the knowledge economy typically offers high-income jobs, developed and developing countries try to create education systems that will help students land these types of jobs in the future
It contributes to the evolution of technologies and increased global trade and competition
(a)
What are some reason for privatization
In order to eliminate the cost of operating these services and to raise cash, some governments are choosing to sell these services to private companies so that they are no longer owned by the government
Around the world, governments have routinely privatized services such as electric companies, health care, highway repair and upkeep, and even water supplies
Providing public services can be incredibly costly for governments
All of above
The selling of a government company to private
(a)
Foreign investment is the purchase of assets in one country by individuals, institutions, or governments in another country
Foreign investors can buy shares in existing businesses, set up new businesses, or invest money in the currency of another country
Those who favour Canadian foreign investment see it as an opportunity to keep Canada competitive in an interconnected and fast-moving global economy
In this viewpoint, foreign investment strengthens the sustainable prosperity of Canadian companies, consumers, and workers
Some people are concerned that foreign investment can cause sudden and dangerous risks to a country’s economy
They argue that too much foreign investment in Canada’s economy can negatively affect Canadians and cause the loss of businesses to takeovers by foreign companies
In 2019, the leading investor countries in the Canadian economy were the United States, Netherlands, and the United Kingdom
(a)
