Chapter 20 - Transition and the Global Economy

Question 1

accession

Answer 1

process in which countries become members of the EU

Question 2

CEFTA

Answer 2

Central European Free Trade Area - free trade area (common market) formed in 1992

Question 3

CIS

Answer 3

Commonwealth of Independent States - organization that comprises those states emerging from the former Soviet Union (except the Baltic States)

Question 4

convertible currency

Answer 4

currency for which there is a market and the a market determined rate of exchange, available to participants within and beyond the borders of an economy

Question 5

EU

Answer 5

European Union - group of European nations making up a single economic community

Question 6

internal balance

Answer 6

equilibrium of the domestic economy usually characterized by full employment and the absence of inflation