market integration Flashcards
It aims to increase corporation for
improving working conditions in North
America by reducing barriers to trade as
it expands the markets of the three
countries
NAFTA
what are the 3 HISTORY OF
GLOBAL MARKET INTEGRATION
- agricultural and industrial revolution
- capitalism and socialism
- information revolution
The idea that if one leaves a capitalist economy alone, consumers will regulate
things themselves by selecting goods and services that provide the best value. This is what Adam Smith called as the “invisible hands”.
Capitalism
examples of multinational corporations
Mcdonalds
Ford
General Electrics
coca cola
To Karl Marx, socialism is a stepping stone to communism
True
Computers and other technologies are
beginning to replace many jobs because of automation or outsourcing jobs
offshore.
information revolution
A system in which all natural resources and means of production are privately
owned
capitalism
came new economic tools, factories popped up and change how work
functioned.
industrial revolution
The social institution that has one of
the biggest impacts on society is the
economy
3 sectors of economic sectors
primary, secondary, tertiary
composed of people. It is the social
institution that organizes all productions,
consumption, and trade of goods in the society
economy
The extent to which markets make goods available and keep prices stable depends on whether markets are integrated with each other
market integration
extracts raw materials from natural
environments.
primary sector
monetary management established the rules for commercial and financial relations among its members. It was the first example of a fully negotiated
monetary order intended to govern monetary relations among independent states.
brettons woods system
A situation in which separate markets for the same product become one single market
market integration
