cntmp4 Flashcards
the advantage in the production of goods enjoyed by one country over another when that good can be produced at lower cost in terms of other goods than it could be in the other country.
comparative advantage,
is the process which inputs are combined and transformed into output.
Production
is a treaty among 123 nations whose governments agreed, at least in principle, to promote trade among members.
GATT
The successor to GATT, _______________, came in January 1, 1995. One of its major tasks was to allow 76 member signatories to have binding market access commitments in banking, securities and insurance.
the World Trade Organization (WTO)
is formed when two or more countries agree to abolish all internal barriers to trade among themselves.
Free Trade Areas
The _________ is a pact eliminating most trade barriers between the U.S., Canada, and Mexico that went into effect on January 1, 1994.
North American Free Trade Agreement (NAFTA)
_______ is the Flagship preferential agreement in the Asia Pacific area.
was formed in 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand to promote political and economic cooperation and regional stability
ASEAN
____________ international organization comprising 27 European countries and governing common economic, social, and security policies.
European Union (EU),
_______ the lands around the southern and eastern shores of the Mediterranean Sea, encompassing at least the Arabian Peninsula and, by some definitions, Iran, North Africa, and sometimes beyond.’
Middle East,
African organization established by the Treaty of Lagos in May 1975 to promote economic trade, cooperation, and self-reliance. The organization seeks to harmonize agricultural policies and to facilitate the free movement of peoples, services, and capital between members
Economic Community of West African States (ECOWAS),
The ______ of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement.
Bretton Woods system
was established in 1964 as a permanent intergovernmental body.
The organization’s goals are to: “maximize the trade, investment and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis”
United Nations Conference on Trade and Development (UNCTAD)
refers to the increasing presence of the fast food business model in common social institutions.
MCDONALIZATION OF SOCIETY
