Week 4 Market Integration Flashcards

1
Q

3 Sectors of Economic Systems
_______ Sector
_______ Sector
_______ Sector

A

3 Sectors of Economic Systems
Primary Sector
Secondary Sector
Tertiary Sector

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2
Q

(Primary, Secondary, Tertiary)
Extracts raw materials from natural environment
E.g. Farmers, Miners

A

Primary Sector
Extracts raw materials from natural environment
E.g. Farmers, Miners

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3
Q

(Primary, Secondary, Tertiary)
Gains raw materials and transforms them into manufactured goods.
E.g. petroleum refinery

A

Secondary Sector
Gains raw materials and transforms them into manufactured goods.
E.g. petroleum refinery

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4
Q

(Primary, Secondary, Tertiary)
Involves services than goods
Doing things than making things
E.g. Education, Transportation

A

Tertiary Sector
Involves services than goods
Doing things than making things
E.g. Education, Transportation

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5
Q

> Established due to sufferings of world ‘s major economies because of World War I, Great Depression in 1930’s and World WarII

A

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

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6
Q

_______ ELEMENTS OF BW SYSTEM

A

5 ELEMENTS OF BW SYSTEM

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7
Q

Expression of _______ in terms of gold or gold value to establish a par value

A

5 ELEMENTS OF BW SYSTEM

Expression of currency in terms of gold or gold value to establish a par value

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8
Q

Official _______ Authority in each country ( central bank or national treasury)

A

5 ELEMENTS OF BW SYSTEM

Official Monetary Authority in each country ( central bank or national treasury)

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9
Q

Establishment of an overseer for the _______ rates, thus, IMF was founded

A

5 ELEMENTS OF BW SYSTEM

Establishment of an overseer for the exchange rates, thus, IMF was founded

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10
Q

Eliminating restrictions on the _______ of the member states in international trade

A

5 ELEMENTS OF BW SYSTEM

Eliminating restrictions on the currencies of the member states in international trade

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11
Q

_______ _______ became the global currency

A

5 ELEMENTS OF BW SYSTEM

US dollar became the global currency

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12
Q

(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.

A

GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)

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13
Q

(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.

A

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.

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14
Q

(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.

A

TRADE-RELATED ASPECTS OF INTELLECTUAL PROPERTY RIGHTS (TRIPS)

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15
Q

(International Financial Institutions)

This involves intangible ideas, knowledge and expressions that require use to be approved by the owners.

A

TRADE-RELATED ASPECTS OF INTELLECTUAL PROPERTY RIGHTS (TRIPS)

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16
Q

(International Financial Institutions)
are rules that apply to the domestic regulations a country applies to foreign investors, often as part of an industrial policy.

A

AGREEMENT ON TRADE-RELATED INVESTMENT MEASURES (TRIMS) are rules that apply to the domestic regulations a country applies to foreign investors, often as part of an industrial policy.

17
Q

(International Financial Institutions)
These are range of operating or performance measures that host-country governments impose on foreign firms to keep them from having distorting effect on trade in goods and services.

A

AGREEMENT ON TRADE-RELATED INVESTMENT MEASURES (TRIMS)

18
Q

(International Financial Institutions)
It deals with exchange rates, balances of payments, international capital flows, and the monitoring of member states and their macroeconomic policies.

A

International Monetary Fund (IMF)

19
Q

(International Financial Institutions)
It provides funds to government-sponsored or guaranteed programs in so-called Part II (member states that are middle-income or creditworthy poorer nations).

A

WORLD BANK (WB)

20
Q

(International Financial Institutions)
This organization was designed toenhanceEuropean political andeconomic integrationby creating a singlecurrency(theeuro), a unified foreign and security policy, and common citizenship rights and by advancing cooperation in the areas of immigration, asylum, and judicial affairs.

A

EUROPEAN UNION (EU)

21
Q

(International Financial Institutions)
it is a multinational organization that was established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid.

A

ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC)

22
Q

(International Financial Institutions)
it involves investments by one firm in another firm that exists abroad in a different nation-state, with the intention of gaining control over the latter’s operation.

A

FOREIGN DIRECT INVESTMENT (FDI)

23
Q

(International Financial Institutions)
A firm that has the power to coordinate and control operations in more than two countries, even if it does not own them. Global corporations

A

MULTINATIONAL CORPORATIONS (MNC)

24
Q

(International Financial Institutions)
an international institutes of technical standards that sustain and vindicate the quality assurance of the goods and services available in the global market.

A

INTERNATIONAL STANDARD ORGANIZATION (ISO)

25
Q

5 ELEMENTS OF BW SYSTEM
Expression of _______ in terms of gold or gold value to establish a par value
Official _______ Authority in each country ( central bank or national treasury)
Establishment of an overseer for the _______ rates, thus, IMF was founded
Eliminating restrictions on the _______ of the member states in international trade
_______ _______ became the global currency

A

5 ELEMENTS OF BW SYSTEM
Expression of Currency in terms of gold or gold value to establish a par value
Official Monetary Authority in each country ( central bank or national treasury)
Establishment of an overseer for the exchange rates, thus, IMF was founded
Eliminating restrictions on the currencies of the member states in international trade
US dollar became the global currency