AP Modern World History Flashcards: Economics in the Global Age
Written by AP Content Team, Verified for 2026 AP Exams, Last updated: May 2026
Review key ideas with interactive flashcards. This set includes 10 cards to help you master important concepts.
What are 'knowledge economies'?
Economies that emerged in the late 20th century where growth is driven by information and communications technology, rather than traditional industrial production.
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What are 'knowledge economies'?
Economies that emerged in the late 20th century where growth is driven by information and communications technology, rather than traditional industrial production.
What core principles spread throughout the world, influencing economic institutions and agreements?
The principles and practices associated with free-market economics spread throughout the world.
What major economic trend accelerated globally after the end of the Cold War?
Many governments began to encourage free-market economic policies and promote economic liberalization.
What historical event accelerated the adoption of free-market policies in the late 20th century?
The end of the Cold War accelerated the trend of governments encouraging free-market economic policies.
Name two types of entities that reflected the global spread of free-market economics.
Multinational corporations and regional trade agreements reflected the spread of free-market principles and practices.
Define economic liberalization in the context of the late 20th century.
It refers to the process where governments promoted free-market policies, a trend that accelerated after the Cold War ended.
What technological change spurred the growth of knowledge economies?
Revolutions in information and communications technology during the late 20th century led to the growth of these economies.
What are regional trade agreements?
They are agreements between countries in a specific region that reflect the global spread of free-market principles by reducing trade barriers.
In the late 20th century, where did industrial production and manufacturing increasingly relocate?
Industrial production and manufacturing were increasingly situated in Asia and Latin America.
How did the global economic landscape change for manufacturing versus information-based industries in the late 20th century?
Information-based knowledge economies grew in some regions, while industrial manufacturing was increasingly moved to Asia and Latin America.