The Making of Global World Notes CBSE Class 10 Social Sciences

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

♦ Tariff : Tax imposed on a country’s imports from the rest of the world. Tariffs are levied at the point of entry, i.e.. at the border or the airport.

♦ Exchange rates : They link national currencies for purposes of international trade There are broadly two kinds of exchange rates: fixed exchange rate and floating exchange rate

♦ Fixed exchange rates : When exchange rates are fixed, and governments intervene to present movements in them.

♦ Flexible or floating exchange rates : These rates fluctuate depending on demand and supply of currencies in foreign exchange markets, in principle without interference by governments

♦ Globalisation : Movement of people, goods and services across the nations has been termed as globalisation.

♦ Silk routes : These were the routes which knitted together vast regions of Asia and linked. Asia with Europe and northern Africa. These routes are known to have existed since before the Christian Era, and thrived almost till the 15th century.

♦ Corn Laws : The laws allowing the British government to restrict the import of corn were popularly known as the ‘Com Laws’.

♦ Trade Surplus : it is a situation under which value of exports is more than imports.

♦ G-77 : The G* 77 is a loose coalition of developing nations, designed to promote its member’s collective economic interests and create an enhanced join: negotiating capacity of the United Nations.

♦ Assembly line production : The assembly line is a manufacturing process in which interchangeable parts are added to a product in sequential manner to create a finished product.

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