Ap Human Geo Flashcards
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Austerity
Austerity refers to economic policies implemented by governments to reduce budget deficits during adverse economic conditions. These policies may include spending cuts, tax increases, or a mixture of both.
Brexit
an abbreviation for “British Exit,” referring to UK’s decision in a June 23, 2016 referendum to leave the European Union (EU).
Comparative Advantage
an economic principle that states a country should specialize in producing and exporting goods it can produce more efficiently (at a lower opportunity cost) than other countries, and import goods that other countries can produce more efficiently.
Complementary Advantage
occurs when two regions, through trade, can specifically satisfy each other’s demands.
Deregulation
the process of removing or reducing state regulations on industries to create an environment where there’s more competition and efficiency within the market.
EU (European Union)
a political and economic union of 27 member states located primarily in Europe. It has developed an internal single market through standardized laws applicable in all member states.
European Commission
an institution of the European Union responsible for proposing legislation, implementing decisions, upholding treaties and managing day-to-day operations.
European Parliament
the legislative branch of the European Union and one of its seven institutions. It represents the citizens of EU member states and makes decisions on laws, budgets, and other important issues.
Eurozone
a monetary union of 19 of the 27 European Union (EU) member states which have adopted the euro as their official currency.
Free Trade
an economic policy that allows businesses in different countries to trade without government interference such as tariffs or import/export restrictions.
Liberalization
refers to relaxing previous government restrictions usually in areas of social or economic policy. In economics, liberalization often means reducing tariffs or other non-tariff barriers to free trade.
Maquiladoras
are factories in Mexico run by foreign companies that export their products back to the home countries.
Mercosur
also known as the Southern Common Market, is a South American trade bloc established by Argentina, Brazil, Paraguay and Uruguay in 1991. It aims to promote free trade and fluid movement of goods, people, and currency among member countries.
Monetary Policy
refers to the actions undertaken by a nation’s central bank to control money supply and achieve goals that promote sustainable economic growth.
NAFTA (North American Free Trade Agreement)
are economic strategies that emphasize the reduction of government intervention in the economy, promoting free-market competition and privatization.
OPEC (Organization of the Petroleum Exporting Countries
an international organization founded in 1960 that consists of 13 oil-exporting developing nations that coordinate policies related to petroleum production.