Chapter 3 : Market Integration Part 1 Flashcards
1
Q
- people
A
Economy
2
Q
- production, consumption, trading of goods and services
A
Economy
3
Q
Sectors of Production
A
- Primary
- Secondary
- Tertiary
4
Q
- raw materials
A
Primary
5
Q
- manufacturing
A
Secondary
6
Q
- service
A
Tertiary
7
Q
World War I, Great Depression, World War II
A
Bretton Woods System
8
Q
Bretton Woods System
A
- World War I
- Great Depression
- World War II
9
Q
Key Elements
A
- expression of currency in terms of gold
- official monetary authority in each country
- establishment of an overseer (IMF)
- eliminating restrictions on trade
- U.S Dollar as global currency
10
Q
-1947, 23 members
A
General Agreement on Tariffs and Trade (GATT)
11
Q
-multinational trade agreements
A
General Agreement on Tariffs and Trade (GATT)
12
Q
-152 members (2008)
A
World Trade Organization (WTO)
13
Q
-non-tariff barriers
A
World Trade Organization (WTO)
14
Q
-financial stability
A
International Monetary Fund (IMF)
15
Q
-short term loan
A
International Monetary Fund (IMF)