Week 4 Market Integration Flashcards
3 Sectors of Economic Systems
_______ Sector
_______ Sector
_______ Sector
3 Sectors of Economic Systems
Primary Sector
Secondary Sector
Tertiary Sector
(Primary, Secondary, Tertiary)
Extracts raw materials from natural environment
E.g. Farmers, Miners
Primary Sector
Extracts raw materials from natural environment
E.g. Farmers, Miners
(Primary, Secondary, Tertiary)
Gains raw materials and transforms them into manufactured goods.
E.g. petroleum refinery
Secondary Sector
Gains raw materials and transforms them into manufactured goods.
E.g. petroleum refinery
(Primary, Secondary, Tertiary)
Involves services than goods
Doing things than making things
E.g. Education, Transportation
Tertiary Sector
Involves services than goods
Doing things than making things
E.g. Education, Transportation
> Established due to sufferings of world ‘s major economies because of World War I, Great Depression in 1930’s and World WarII
BRETTON WOODS SYSTEM
> Established due to sufferings of world ‘s major economies because of World War I, Great Depression in 1930’s and World WarII
_______ ELEMENTS OF BW SYSTEM
5 ELEMENTS OF BW SYSTEM
Expression of _______ in terms of gold or gold value to establish a par value
5 ELEMENTS OF BW SYSTEM
Expression of currency in terms of gold or gold value to establish a par value
Official _______ Authority in each country ( central bank or national treasury)
5 ELEMENTS OF BW SYSTEM
Official Monetary Authority in each country ( central bank or national treasury)
Establishment of an overseer for the _______ rates, thus, IMF was founded
5 ELEMENTS OF BW SYSTEM
Establishment of an overseer for the exchange rates, thus, IMF was founded
Eliminating restrictions on the _______ of the member states in international trade
5 ELEMENTS OF BW SYSTEM
Eliminating restrictions on the currencies of the member states in international trade
_______ _______ became the global currency
5 ELEMENTS OF BW SYSTEM
US dollar became the global currency
(International Financial Institutions)
An international organization for liberalization of trade that grew out of Bretton Woods System and primarily focuses on tariff reduction to any international trading system.
GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)
(International Financial Institutions)
Its operations are premised on the neoliberal idea that all nations benefit from free and open trade and it is dedicated to reducing and ultimately eliminating barriers to such trade.
WORLD TRADE ORGANIZATION (WTO)
Its operations are premised on the neoliberal idea that all nations benefit from free and open trade and it is dedicated to reducing and ultimately eliminating barriers to such trade.
(International Financial Institutions)
Is an international legal agreement between all the member nations of the World Trade Organization (WTO). It sets down minimum standards for the regulation by national governments of many forms of intellectual property (IP) as applied to nationals of other WTO member nations.
TRADE-RELATED ASPECTS OF INTELLECTUAL PROPERTY RIGHTS (TRIPS)
(International Financial Institutions)
This involves intangible ideas, knowledge and expressions that require use to be approved by the owners.
TRADE-RELATED ASPECTS OF INTELLECTUAL PROPERTY RIGHTS (TRIPS)