CBSE Class 10 Social Science The Making Of A Global World Notes Set B

Brief Concepts of the Lesson –

1. Trade – the activity of buying selling or exchanging goods or services between people firms or countries.

2. The Silk Route is a historical network of interlinking trade routes across the Afro-Eurasian landmass that connected East , South , and Western Asia with the Mediterranean and European world, as well as parts of North and East Africa. The name ‘silk routes’ points to the importance of West-bound Chinese silk cargoes along this route.

3. Indentured labour- A bonded labour under contract to work for an employer for a specific amount of time, to pay off his passage to a new country or home

4. Tariff – Tax imposed on a country’s imports from the rest of the world. The tariff is levied at the point of entry i.e. the border or the airport.

5. Corn laws— A Corn Law was first introduced in Britain in 1804, when the landowners, who dominated Parliament, sought to protect their profits by imposing a duty on imported corn. This led to an expansion of British wheat farming and to high bread prices.

6. Assembly line production – 1. An arrangement of workers, machines, and equipment in which the product being assembled passes consecutively from operation to operation until completed.

7. Rinderpest (cattle plague) – An infectious viral disease of cattle , domestic buffalo , etc.

8. Opium trade, the traffic that developed in the 18th and 19th centuries in which Great Britain, exported opium grown in India to China.

9. The Great Depression – An economic situation in which most parts of the world experienced catastrophic declines in production, employment, incomes and trade. Began around 1929 and lasted till the mid-1930s.

10. Bretton Woods twins –The IMF and the World Bank are referred to as the Bretton Woods institutions or sometimes the Bretton Woods twins.

11. The Bretton Woods system –The post-war international economic system is also often described as the Bretton Woods system.

12. NIEO (New international economic Order) –A system that would give developing countries real control over their natural resources, more development assistance, fairer prices for raw materials, and better access for their manufactured goods in the developed countries’ markets.

13. The G-77 countries- The Group of 77 at the United Nations is a loose coalition of developing nations, there were 77 founding members of the organization, but the organization has since expanded to 132 member countries.

14. Globalisation integrating economy of a country with the economies of economies of other countries under conditions of free flow of trade, capital and labour

15. IMF International Monetary Fund

16. Fixed Exchange Rate – The rate which is officially fixed by the government and does not vary with changes in demand and supply of foreign currency.

17. Floating Exchange Rate – These rates fluctuate depending on demand and supply of foreign currency.

18. Enterepreneur One who undertakes commercial enterprise with chance of profit or loss. Starts enterprise by himself/ herselfat his/ herown risk.