Karteikarten
Social 10: Unit 3 Flashcards
Karten in diesem Stapel (25)
- 1Economic GlobalizationThe way countries depend on each other for resources, an umbrella term for the way governments have become interdependent on each other's economies
- 2Economic Nationalism/ ProtectionismWhen a country wants to develop their economy first before expanding to other countries. This can help local businesses greatly but raises prices for consumers because local production costs more.
- 3Foreign InvestmentA company investing/ taking ownership of a company in another country. Eg. Southeast Asian investment of Canadian lumber and oil industries
- 4Free TradeThe movement of exports and imports without restrictions, quotas, or tariffs(taxes)
- 5Anti-GlobalizationThe perspective that opposes globalization and believes global trade agreements are not made in the best of less developed countries and the environment
- 6SubsidiariesCompanies controlled by a parent company
- 7OutsourcingWhen a company hires another company(sometimes from another country) to fulfill certain tasks for production. Eg. Technology companies outsourcing their customer services to Asia
- 8Privatization/ DeregulationWhen government-owned businesses are sold to private companies Eg. Alberta Liquor stores used to be government regulated but now are owned privately
- 9SubsidyFinancial help(government loan or grant) given to industries Eg. Government support for COVID
- 10Crown CorporationGovernment-owned businesses in Canada Eg. Canada Post
- 11TariffA tax on imports to increase the price and reduce competition with domestic products
- 12Trade LiberalizationThe process of removing trade barriers
- 13Ethical/ FairtradeTrades between companies in more developed countries with producers from less developed countries where the producers are paid adequately
- 14ConsumerismThe promotion and protection of consumers, allowing them the freedom to control the economy. The desire for consumers to buy stuff to fill their wants and needs
- 15Undeveloped/ Developed NationsA developed nation has a higher quality of life, a working economy and more technological advancements than developing nations.
- 16Sustainability / Ecological FootprintThe amount that human life affects the natural environment, the "footprint" left behind on the environment after every action a citizen takes. Sustainability is the balance between human development and environmental health, trying to find a situation where both can prosper. Eg. "Carbon neutral" means to offset the carbon emissions produced when doing something by donating or supporting a service that helps the environment
- 17AgribusinessLarge scale agricultural business or groups of smaller family farms put together, such as Hutterite colonies
- 18Supply-side economics/ the “Trickle-Down Effect”/ neo-conservatism (Friedman, Hayek)Supply-side economics is when taxes are lowered for the highest wealth class to allow them more money to reinvest in the economy. This would then "trickle" down into the lower classes of the economy and allow economic recovery. This is the ideology of Friedrich Hayek.
- 19Demand-side economics - Keynesian EconomicsDemand-side economics is allowing more government spending to invest in the economy and allow the lower and middle classes to recover. This is currently what is happening during COVID, the government is created programs to allow businesses and individuals to stay afloat during the pandemic. This may also involve raising taxes for higher wealth classes.
- 20Social programs (‘universality’ of social programs)Goods and services provided by governments and funded by government taxes. These services are available to everyone for free and sometimes referred to as "universal". In Canada, healthcare, public schooling, public libraries, police stations and fire departments are all social programs and funded by the government.
- 21The Gold StandardCreated in the Bretton Woods Agreement that stated that all printed money must be convertible to gold in that country. This means that a country's gold reserve dictates how much money can be printed. For example, if a country only has a billion dollars worth of gold, only a billion dollars of printed money(currency) can be printed. Basically, a country's gold reserve determines how much that country is worth. This made it hard for governments to deal with crises and needing more money, so it was no longer enacted in the 1970s.
- 22Floating/ Fixed Exchange RatesA fixed exchange rate is when a currency's value is set by the government. A floating exchange rate is when a currency's value is determined by what it's worth on the foreign market, basically determined by how many countries are investing and buying it
- 23Equalization PaymentsA tax taken by Canada's federal government from each province that is then redistributed to equally distribute wealth among the provinces. Basically, the government takes money from more wealthy provinces and distributes it to less wealthy provinces
- 24Self Determination/ SovereigntyA country's independence and ability to make decisions for themselves. Eg. Because Canada has subsidized industries(such as lumber and dairy) the United States regulated the trading in those industries. This was an example of infringing on Canada's sovereignty.
- 25StewardshipEnvironmental responsibilities
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- Use this to study important terms to know.
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