Chapter 3 : Market Integration Part 1 Flashcards

1
Q
  • people
A

Economy

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2
Q
  • production, consumption, trading of goods and services
A

Economy

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3
Q

Sectors of Production

A
  • Primary
  • Secondary
  • Tertiary
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4
Q
  • raw materials
A

Primary

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5
Q
  • manufacturing
A

Secondary

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6
Q
  • service
A

Tertiary

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7
Q

World War I, Great Depression, World War II

A

Bretton Woods System

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8
Q

Bretton Woods System

A
  • World War I
  • Great Depression
  • World War II
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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
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10
Q

-1947, 23 members

A

General Agreement on Tariffs and Trade (GATT)

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11
Q

-multinational trade agreements

A

General Agreement on Tariffs and Trade (GATT)

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12
Q

-152 members (2008)

A

World Trade Organization (WTO)

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13
Q

-non-tariff barriers

A

World Trade Organization (WTO)

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14
Q

-financial stability

A

International Monetary Fund (IMF)

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15
Q

-short term loan

A

International Monetary Fund (IMF)

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16
Q

-long-term approach

A

World Bank (WB)

17
Q

-grants on health, education, etc

A

World Bank (WB)

18
Q
  • 35 members states (2016)
A

Organization for Economic Cooperation and Development (OECD)

19
Q
  • little formal power
A

Organization for Economic Cooperation and Development (OECD)

20
Q
  • natural resources
A

Organization for Economic Cooperation and Development (OECD)

21
Q
  • increase price of oil
A

Organization for Petroleum Exporting Countries (OPEC)

22
Q
  • keep up with inflation
A

Organization for Petroleum Exporting Countries (OPEC)

23
Q
  • 28 members
A

European Union (EU)

24
Q
  • importance of partnerships
A

European Union (EU)

25
Q

-1994

A

North American Free Trade Agreement (NAFTA)

26
Q

-U.S, Canada, Mexico

A

North American Free Trade Agreement (NAFTA)

27
Q

-global trade

A

North American Free Trade Agreement (NAFTA)