Chapter 3 : Market Integration Part 1 Flashcards
- people
Economy
- production, consumption, trading of goods and services
Economy
Sectors of Production
- Primary
- Secondary
- Tertiary
- raw materials
Primary
- manufacturing
Secondary
- service
Tertiary
World War I, Great Depression, World War II
Bretton Woods System
Bretton Woods System
- World War I
- Great Depression
- World War II
Key Elements
- 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
-1947, 23 members
General Agreement on Tariffs and Trade (GATT)
-multinational trade agreements
General Agreement on Tariffs and Trade (GATT)
-152 members (2008)
World Trade Organization (WTO)
-non-tariff barriers
World Trade Organization (WTO)
-financial stability
International Monetary Fund (IMF)
-short term loan
International Monetary Fund (IMF)
-long-term approach
World Bank (WB)
-grants on health, education, etc
World Bank (WB)
- 35 members states (2016)
Organization for Economic Cooperation and Development (OECD)
- little formal power
Organization for Economic Cooperation and Development (OECD)
- natural resources
Organization for Economic Cooperation and Development (OECD)
- increase price of oil
Organization for Petroleum Exporting Countries (OPEC)
- keep up with inflation
Organization for Petroleum Exporting Countries (OPEC)
- 28 members
European Union (EU)
- importance of partnerships
European Union (EU)
-1994
North American Free Trade Agreement (NAFTA)
-U.S, Canada, Mexico
North American Free Trade Agreement (NAFTA)
-global trade
North American Free Trade Agreement (NAFTA)
