UNIT THREE Social Studies

• What is corporation?


  A big group of people working together towards a common goal
• What is the "Bretton Woods Agreement"?

  A gathering of delegates from 44 nations that met from July 1 to 22, 1944 in Bretton Woods, New Hampshire, to agree upon a series of new rules for the post-WWII international monetary Fund (IMF)
• What did the "Bretton Woods Agreement" make?

  The World Bank and the International Monetary Fund (IMF)
• What is "NAFTA"?

  1994 treaty among Canada, USA, and Mexico to improve trade by removing tariffs and other economic barriers
• What does "NAFTA" stand for?

  North American Free Trade Agreement
• What is the World Bank?

  An agency of the United Nations that in practice is independent and controlled by its 184 member countries, which provides loans to developing countries that are in financial difficulty.
• What is "IMF"? 


  International agency that works with the World Bank to bring stability to international monetary affairs and to help expand world trade.
• What does "IMF" stand for?

  International Monetary Fund
• What is Trade Liberalization?

  The process of reducing barriers to trade
• What is Free trade?

  Trade without restrictions
• What are Tariffs?

  Taxes on imported goods
• What is "FTA"?

  1989, economic treaty between Canada and the USA that went in search to promote trade by reducing tariffs and other barriers between the two.
• What does "FTA" stand for?


  Free Trade Agreement
• What is "WTO"?

  International organization founded in 1995 that works to improve trade relations among the world's countries, especially by removing tariffs and others to trade
• What does "WTO" stand for?

  World Trade Organization
• What does "GATT" stand for?

  General Agreement on Tariffs and Trade
• What is "GATT"?

  signed by 23 countries in October 1947, after World War II, and became law on Jan. 1, 1948. The purpose of GATT was to make international trade easier and to eliminate undesirable trade aspects of the pre-war period.
• What are Quotas?

  Proportional shares, such as those paid by member countries of the IMF
• What are Floating Exchange Rates?

  Currency rates that are not fixed by the government but instead find their own value on the forgien exchange market
• What is the "G8"?

  An informal group of the eight major industrial democracies that meets at annual summits to discuss economic and foreign policies.
• What does "G8" stand for?

  Group of Eight
• What is the "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 citizens' rights, job creation, regional development, and environmental protection.
• What does "EU" stand for?

  European Union
• What is Euro?

  European currency
• What is Subsidy?

  Financial help given by government to help support an industry
• What is Recession?

  A period of reduced economic activity lasting longer than two business quarters (six months)
• What are "Centrally planned economies"?

  A system under which government planners decide what goods to produce and how much of it.
• What is "Sustainable Development"?

  Balancing economic growth, social progress, and environmental protection.
• What are Developing Countries?

  Countries with lower levels of industrialization and income, often facing challenges such as poverty, lack of infrastructure, and limited access to healthcare and education.
• What are Developed Countries?

  Countries with high levels of industrialization, income per capita, and quality of life.
• What is Outsourcing?

  The hiring of one company by another to fulfill certain tasks in production.
• What are Crown Corporations?

  Government - owned companies in Canada
• What is Deregulation?

  Removing government regulations
• What are Oil Sands?

  a deposit of loose sand or partially consolidated sandstone containing petroleum or other hydrocarbons.
• What is "CIDA"?

  Government agency responsible for administering foreign aid programs in developing countries
• What does "CIDA" stand for?

  Canadian International Development Agency
• What is Intermodal Transportation?

  A system in which several types of transportation are used to move freight, especially when the starting point and destination are far apart
• What's another word for "intermodal transportation"?

  Containerization
• What is "MERCOSUR"?


  The southern American common market that works to bring about the free movement of goods, capital, services, and people among its member states.
• What does "MERCOSUR" stand for?

  Mercado Común del Sur (Southern Common Market)