Social Studies 10 unit 3 - all

Bretton Woods Agreement

An agreement forged after the Second World War in Bretton Woods, New Hampshire, by 44 countries to establish a system of rules, institutions, and procedures for the postwar global economy.

Fixed Exchange Rate

The value of a country's currency as set by its government.

Floating Exchange Rate

Currency rates that are not fixed by the government but instead find their own value on the foreign exchange market.

Gold Standard

A provision of the Bretton Woods Agreement that all printed money, such as a paper dollar, would be convertible to gold and could be cashed in at any time for that gold.

World Bank

An agency of the United Nations that has 184 member countries, which provides loans to less developed countries that are in financial difficulty. Provides long term financial assistance.

International Monetary Fund (IMF)

An International agency that works with the World Bank to bring stability to international monetary affairs and to help expand world trade. Provides short time financial assistance and monitors exchange rates.

Centrally Planned Economy - Communism

A system under which government planners decide what goods to produce, and how many. Complete governmental control.

Free Market Economy - Capitalism

A market in which government has little to no involvement and all businesses and property would be privately owned.

General Agreement on Tariffs and Trade (GATT)

An international agreement between 1947 and 1955 that aimed to reduce trade barriers among member countries. Was eventually replaced with the WTO, which was funded in 1955.

Tariff

A tax imposed on imports to increase their price and thus reduce competition with domestic products.

World Trade Organization (WTO)

An international organization funded in 1955 that works to improve trade relations among the world's countries, especially by removing tariffs and other barriers to trade.

North American Free Trade Agreement (NAFTA)

1994 treaty among Canada, the United States and Mexico to improve trade by removing tariffs and other economic barriers.

Gross Domestic Product (GDP)

The total value of goods and services produced in a country in a calendar year.

Group of Seven (G7)

An informal group of the seven major industrial democracies that meets at annual summits to discuss economic and foreign policies.

Canadian International Development Agency (CIDA)

A government agency responsible for administering foreign aid programs in less developed countries. (money, food, resources etc.)

MERCOSUR

(Mercado Comun del Sur) - Common market of South America. Has 5 full member countries and its purpose is to promote full trade, economic development

European Union (EU)

The world's largest and most powerful common market, which works to develop common foreign and security policies and to address other issues such as citizen's rights, job creation, regional development, and environmental protection.

Trade liberalization

The process of reducing barriers to trade.

Privatization

The sale of government-owned industries and services to private businesses.

Sweatshops

factories that pay poorly, have unsafe working conditions, and treat workers badly

USMCA - United States Mexico Canada Agreement

This deal is set to replace NAFTA as the new free trade agreement for North America

G20 (or G-20 or Group of Twenty)

an international forum for the governments and central bank governors from 20 major economies. It was founded in 1999 with the aim of studying, reviewing, and promoting high-level discussion of policy issues dealing with the promotion of international financial stability.

genetically modified organisms

crops that carry new traits that have been inserted through advanced genetic engineering methods

international division of labor

Transfer of some types of jobs, especially those requiring low-paid less skilled workers, from more developed to less developed countries.

Developing nations

Nations that are economically and technologically less developed than industrialized nations.

Developed nations

nations with relatively high standards of living and economies based more on industry than on agriculture

Nationalize

The government takes an industry over from private owners.

Trade liberalization/Free Trade

The process of reducing barriers to trade.

Crown corporations

Government-owned companies (in Canada).

Outsourcing

The hiring of one company by another to fulfill certain tasks in production. Effective cost-saving strategy when used properly.

Deforestation

The destruction of forests by clearing or burning as a result of economic development, such as building roads or conversion to cropland, or through changes in earth's vegetation due to global warming.

Stewardship

The obligation to maintain resources in a sustainable manner. People who believe in stewardship feel a responsibility to protect and tend the earth to keep it healthy for future generations.

Sustainability

The ability to keep in existence or maintain - to keep it going as is.

Genuine Progress Indicator (GPI)

A measure of sustainable prosperity that takes into account the value of non-economic positive factors such as volunteering and education, and negative factors such as pollution and crime.

GDP Index

Measuring the health of a country's economy based on the amount of money in a country averaged out per person.

Protectionism

The use of trade barriers to shield domestic firms from foreign competition

Transnational Corporations

companies with headquarters in one country but production units in one or more foreign counties.

Interdependence

A relationship between countries in which they rely on one another for resources, goods, or services

Sustainable Prosperity

Using resources in a manner to meet the needs of today without taking from tomorrow

Sustainable development goals

They are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity

Gross National Happiness

measures quality of life; Bhutan scores very highly

Human Development Index (HDI)

combines data on life expectancy, literacy, educational attainment, gender equity, and income

ecological footprint

The amount of biologically productive land and water needed to support a person or population.

Economics

The dimension of life that deals with the production and exchange of goods and services

Brand

All the combined impressions, attitudes, and/or experiences associated with a particular company, good, or service