The Global Economy Flashcards
Advanced economies
Market economies with high levels of industrialisation and per capita incomes
Developing economies
Economies with low levels of real per capita income
Economic integration
Process of removing trade barriers between countries
Emerging economies
Transition and developing economies achieving high rates of economic growth such as Brazil, Russia, India and China (BRICs)
Gross World Product (GWP)
Total output of the global or world economy
Intra-industry trade
A situation where a country exports and imports similar categories of goods and services
Intra-regional trade
Trade that occurs inside a specific region of the world economy such as sub-Saharan Africa or the member nations of the European Union.
Newly industrialised economy
An economy that develops an industrial base and sustains high rates of growth in output and incomes over time such as the Asian Tigers
Newly industrialised economy (NIE)
An economy that develops an industrial base and sustains high rates of growth in output and incomes over time such as the Asian Tigers
Per capita income
A measure of the amount of money earned per person in a country
What does APEC stand for?
Asia Pacific Economic Co-operation
What does ASEAN stand for?
Association of South-East Asian Nations
What does EMU stand for?
Economic and Monetary Union of 19 countries in the EU
What does EU stand for?
European Union
Who makes the G7?
USA, Japan, Germany, Italy, France, UK and Canada
