Social Studies Chapter 9-10 Vocab

Front 1

Economic Globalization and provide an example

Back 1

The spread of trade,transportation, and communication systems around theworld in the interests or promoting worldwide commerce.

Ex. The oil and gas pipelines

Front 2

Reperationsand provide an example

Back 2

The act of making amends for wrongdoing.

Ex. Germany after world war 1 when they had to pay $7 billion dollars for the first world war.

Front 3

Communismand provide an example

Back 3

An economic and political system whosepurpose is to eliminate class distinctions.

Ex.

Front 4

Economic Depressionand provide an example

Back 4

A period of low economic activityaccompanied by high levels of unemployment.

Ex. The great depression

Front 5

Market Economyand provide an example

Back 5

An economy in which governmentregulations are reduced to a minimum and businesses arefree to make their own decisions.

Ex

Front 6

Outsourcingand provide an example

Back 6

A business strategy that involves reducingcosts by using suppliers of products and services incountries where labour is cheaper and governmentregulation may be less strict.

Ex. Mexico, Maquildoras

Front 7

Containerization and provide an example

Back 7

The transporting of goods in standard sizedshipping containers.

Front 8

Trade Liberalizationand provide an example

Back 8

A process that involves countries inreducing or removing trade barriers, such as tariffs andquotas, so goods and services can move around the worldmore freely

Front 9

Free Tradeand provide an example

Back 9

The trade that occurs when two or morecountries eliminate tariffs and taxes on the goods andservices they trade with one another.

Front 10

Consensusand provide an example

Back 10

General Agreement

Front 11

Sanctionsand provide an example

Back 11

A penalty. Often an economic penalty, such asa trade boycott, taken to pressure a government to agreeto carry out certain actions or follow certain rules.