Semi-Finals

Contemporary World
C-3 Market Integration

Name: JEZEBEL L. INOT BSOA-1 Score:

Part I.

1. GATT stands for GENERAL AGREEMENT ON TARIFFS AND TRADE

2. WTO stands for WORLD TRADE ORGANIZATION
3. GOP stands for GRAND OLD PARTY
4. OECD stands for ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT
5. OPEC stands for ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES
6. EU stands for EUROPEAN UNION
7. NAFTA stands for NORTH AMERICAN FREE TRADE AGREEMENT
8. IMF stands for INTERNATIONAL MONETARY FUND
9. INGO stands for INTERNATIONAL NON – GOVERNMENTAL ORGANIZATION

Part II.

1. The major economies in the world had suffered because of the global economy was battered in 2022 by a series
of severe and mutually reinforcing shocks, including the COVID-19 pandemic, the war in Ukraine and resulting
food and energy crises, surging inflation, debt tightening, as well as the climate emergency..

The COVID-19 pandemic had a significant impact on the global economy. The pandemic led to widespread
lockdowns and travel restrictions, which disrupted supply chains and reduced demand for goods and services.
This led to a sharp decline in economic activity across the world.

The war in Ukraine also had a significant impact on the global economy. The conflict led to a disruption in
trade between Russia and Europe, which had a ripple effect on other economies around the world. The resulting
food and energy crises further exacerbated the situation.

Inflation also surged in 2022, which led to a tightening of monetary policy in many countries. This further
slowed down economic growth.

2. The soviet institutions biggest impacts on the society is the Soviet Union was one-party state that was
characterized by a command economy, centralized government, and strict control over the media and other
forms of communication. The Soviet government also had a monopoly on the use of force, which it used to
suppress dissent and maintain its power. The Soviet Union's policies had far-reaching effects on the lives of its
citizens, including restrictions on freedom of speech, religion, and movement. The Soviet government also
implemented policies that led to the deaths of millions of people, including the forced collectivization of
agriculture and the purges of political dissidents. Despite these policies, the Soviet Union was able to achieve
significant economic growth and industrialization during its early years.

3. The economic system has three sector.

According to the three-sector theory, all economic activity can be classified into one of three sectors: the
primary sector, the secondary sector, and the tertiary sector. The primary sector includes industries that are
engaged in the extraction of natural resources or the production of raw materials, such as forestry, mining,
agriculture, or fishing. The secondary sector includes all industries that are concerned with the manufacturing of
usable products or finished goods. Finally, the tertiary sector describes all industries that provide services to
other businesses or final consumers.
4. Primary extracts raw material from natural environment.
5. Secondary raw natural transform into manufactured good
 6. Tertiary services rather than goods.
7. The WTO headquarters is located in Geneva and Switzerland.
8. The IMF aimed to promote exchange arrangements among members, and to avoid competitive exchange
depreciation. The IMF also aimed to achieve sustainable growth and prosperity for all of its 190 member
countries.
The International Monetary Fund (IMF) is a global organization that works to achieve sustainable growth and
prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial
stability and monetary cooperation, which are essential to increase productivity, job creation, and economic
well-being. The IMF has three critical missions furthering international monetary cooperation, encouraging the
expansion of trade and economic growth, and discouraging policies that would harm prosperity.

9. OPEC are composed of what countries?

OPEC, or the Organization of the Petroleum Exporting Countries, is a group of countries that work together to
coordinate and unify petroleum policies. As of 2023, OPEC has 13 member countries. These countries are:
1. Algeria
2. Angola
3. Congo
4. Ecuador (suspended its membership in December 1992, rejoined OPEC in October 2007, but decided to
withdraw its membership of OPEC effective 1 January 2020)
5. Equatorial Guinea
6. Gabon (terminated its membership in January 1995, but rejoined the Organization in July 2016)
7. Iran
8. Iraq
9. Kuwait
10. United Aran Emirates
11. Saudi Arabia
12. Nigeria
13. Libya
14. Venezuela
15. The EU is made of how many states?

The European Union (EU) is a political and economic union of 27 member states. These member states have agreed
to share their own sovereignty through the institutions of the European Union in certain aspects of government . The EU
has 24 official languages.

Part III.

1. What are the fears during World War II? During World War II, people had to face a lot of fears. The war directly
affected more people than any other conflict in history. Over 100 million men and women were mobilized, a figure that
easily dwarfs the number who fought in any previous war, including the Great War of 1914–18. Hundreds of millions of
civilians around the world were also dragged into the conflict not only as refugees but also as factory workers, suppliers
of food or fuel, providers of comfort and entertainment, prisoners, slave laborers, and targets. For the first time in
modern history, the number of civilians killed vastly outweighed the number of soldiers, not just by millions but by tens
of millions. Four times as many people were killed in the Second World War as in the First. For every one of those people
there were dozens who were indirectly affected by the vast economic and psychological upheavals that accompanied
the war.

The fear of being bombed was one of the most significant fears during World War II. The bombing raids were often
unpredictable and could happen at any time. People had to be prepared to take shelter at a moment's notice. The fear
of being bombed was so great that many people built bomb shelters in their backyards or basements.
Another fear was that of being drafted into military service. Many young men were drafted into service and sent
overseas to fight in the war. This was a terrifying prospect for many young men who had never been away from home
before.

The fear of losing loved ones was also prevalent during World War II. Many families had members who were fighting
overseas, and they never knew if they would see them again. This fear was especially acute for families who had already
lost loved ones in previous wars.

2. History of Global Market Integration. (3)

As early as the 19th century, global market integration became a reality due to the development of technology such as
steam engines, railroads, and ports, which paved the way for faster world transport networks. The Agricultural
Revolution was the first big economic change that helped societies build surpluses and growth. The Industrial Revolution
in the 1800s brought new economic tools like steam engines and manufacturing factories that changed how work
functioned. Productivity went up, standards of living rose, and people had access to a wider variety of goods due to
mass production. However, there were economic casualties, especially the workers in factories who worked in
dangerous conditions for low wages.