C. Economy J. Market Integration G. Imf B. Wto F. Bretton Wood System H. Opec I. Nafta D. Capitalism

Samuel John R.
Indiano
BSBA FM 1H
The Contemporary World
Week 6
LOOKING BACK TO YOUR LESSON
Matching Type. Match column B with column C. Write the letter of the correct answer on
column A.
1. It is the social institution that has the biggest impacts on society and organizes all production,
consumption, and trade of goods. C. Economy
2. It is the fusing of many markets into one. A situation in which separate markets for the same
product become one single market. J. Market Integration
3. This system was created to restructure the world economy and ensure global financial stability.
G. IMF
4. This organization became responsible for trade in services, non-tariff related barriers to trade,
and other broader areas of trade liberalization. B. WTO
5. The main goal of this institution was to help countries which were in trouble or when their
economy collapsed and their currency was threatened. F. Bretton Wood System
6. This organization was formed because member’s countries wanted to increase the price of the
oil. H. OPEC
7. It is a trade pact between United States, Mexico, and Canada. I. NAFTA
8. It is an economic system in which a country’s trade and industry are controlled by private
owners. D. Capitalism
9. It is an economic system in which a country’s trade and industry owned by public or states.
E. Socialism
10. This tool reduced the role of human labor and shifted it from manufacturing based-economy.
A. Machines/Technology
CHECKING YOUR UNDERSTANDING
Critical Thinking: Explain the role and functions of the following concepts:
Role Functions
1. Bretton Wood It helps to restore and sustain the The Functions Bretton Wood
Systems benefits of global integration, by Systems would ensure exchange
promoting international economic rate stability, prevent competitive
cooperation. devaluations, and promote
economic growth.
2. International The IMF's primary purpose is to ensure The IMF employs three main
Monetary Fund the stability of the international functions – surveillance, financial
monetary system—the system of assistance, and technical assistance
exchange rates and international – to promote the stability of the
payments that enables countries and international monetary and
their citizens to transact with each financial system.
other.
3. World Bank Its role is to reduce poverty by lending The World Bank provides
money to the governments of its poorer financing, policy advice, and
members to improve their economies technical assistance to
and to improve the standard of living of governments, and also focuses on
their people. strengthening the private sector in
developing countries.
4. NAFTA NAFTA reduced or eliminated tariffs The North American Free Trade
on imports and exports between the Agreement (NAFTA) was
three participating countries, creating a implemented in order to promote
huge free-trade zone. trade between the U.S., Canada,
and Mexico. The agreement, which
eliminated most tariffs on trade
between the three countries.
5. WTO World Trade Organization (WTO) is  administering trade
the only international organization agreements.
dealing with the global rules of trade to  acting as a forum for trade
ensure that trade flows as smoothly, negotiations.
predictably and freely as possible.  settling trade disputes.
 reviewing national trade
policies.
 building the trade capacity
of developing economies.
 cooperating with other
international organizations.
6. United To develop friendly relations among role- the role of it was to maintain
Nations nations based on respect for the the freindship of every country
principle of equal rights and self-
determination of peoples, and to take Function- to make the world
other appropriate measures to peace and eco freindly system
strengthen universal peace
7. Security The Security Council has primary  to maintain international

Council responsibility, under the United Nations peace and security in
Charter, for the maintenance of accordance with the
international peace and security. It is principles and purposes of
for the Security Council to determine the UN;
when and where a UN peace operation  to investigate any dispute
should be deployed. or situation that might lead
to international friction and
to recommend methods of
adjusting such disputes or
the terms of settlement
8. NATO NATO's fundamental goal is to NATO's functions is to guarantee

safeguard the Allies' freedom and the freedom and security of its
security by political and military members through political and
means. NATO remains the principal military means.
security instrument of the transatlantic
community and expression of its
common democratic values.
9. NGOs To advocating for changes in law, They provide emergency relief

policy, procedure and administrative such as food, water, and
rules. medical supplies for those whose
homes or towns have been
destroyed by disaster or war. They
also monitor the treatment of
prisoner of wars and go
to conflicts to make sure that no
war crimes are taking place.
10.Multinational Multinational corporations maintain  Promotion of foreign

Corporations production and marketing operations in investment.
different countries. In each country, the  Technology transfer.
business may oversee multiple offices  Promotion of exports.
that function through several branches  Investment in
and subsidiaries. infrastructure.

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C. Economy J. Market Integration G. Imf B. Wto F. Bretton Wood System H. Opec I. Nafta D. Capitalism

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Samuel John R.

7. Security The Security Council has primary  to maintain international

8. NATO NATO's fundamental goal is to NATO's functions is to guarantee

9. NGOs To advocating for changes in law, They provide emergency relief

10.Multinational Multinational corporations maintain  Promotion of foreign

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