A. Discuss the following items in 5 sentences per item (10 pts.
1. The United Nations - an international organization whose stated purposes are to
maintain international peace and security, develop friendly relations among nations,
achieve international cooperation, and serve as a center for harmonizing the actions of
nations. Their roles mainly rotate on protecting human rights, delivering humanitarian
aid, support sustainable development and climate action.
2. International Monetary Fund - The IMF makes loans to countries that are
experiencing economic distress to prevent or mitigate financial crises. The IMF gets its
money through quotas and subscriptions from its member countries. This international
organization also primarily focus on the stability of the global monetary system and
monitoring the currencies of the world.
3. The World Bank – This another international organization predominantly acts as an
organization that attempts to fight poverty by offering developmental assistance to
middle- and low-income countries.
4. The World Trade Organization - an international institution that oversees the rules
for global trade among nations. The WTO is based on agreements signed by a majority
of the world’s trading nations. The main function of the organization is to help
producers of goods and services, as well as exporters and importers, protect and
manage their businesses. They uphold the international rules of trade among nations.
The organization provides a platform that allows member governments to negotiate
and resolve trade issues with other members.
B. Define the following terms (5 pts)
1. Governance – the process of making and enforcing decisions within an organization
or society. It encompasses decision-making, rule-setting, and enforcement mechanisms
to guide the functioning of an organization or society.
2. World Economy - refers to the global system of production, trade, finance, and
consumption that encompasses all economic activity across countries and region. It
includes the flow of goods, services, capital, and labor between nations
3. United Nations - international organization that aims to increase political and
economic cooperation among its member countries.
4. World Bank - an international financial institution that provides loans and grants to
the governments of low- and middle-income countries for the purpose of pursuing
capital projects.
5. World Trade Organization - This organization provides a platform that allows
member governments to negotiate and resolve trade issues with other members
