Globalisation Flashcards
Bilateral trade agreement
The exchange of goods between two nations to promote trade and investment.
Capitalism
An economic and political system where the trade and industry are controlled by private owners and not by the state.
Common market
- No internal barriers
- Free movement of resources
Customs union
- No internal barriers
- Common external tarriffs
Eurozone
A geographical area that consists of the EU countries that have fully incorporated the euro as their national currency
Free-trade (laissez-faire)
The interchange of goods and services unhindered by trade barriers = lower prices for consumers
Free trade area
- A group of countries that trade without barriers
- Each member country retains its own independent trade policies in relation to the rest of the world
Globalisation
The increasing integration of economies internationally to make the world more like a single economy and more interdependent.
