Ch 9 Bus498

  1. Regional Economic Integration
    Agreements among countries in a geographic region toreduce and ultimately remove tariff and nontariff barriers to the free flow of goods, servvices, and factors of production between each other
  2. Free Trade Area
    A group of countries committed to removing all barriers to the free flow of goods and services between each other, but pursuing independent external trade policies
  3. European Free Trade Association (EFTA)
    A free trade association including Norway, Iceland, and Switzerland
  4. Customs Union
    A group of countries committed to (1) removing all barriers to the free flow of goods and services between each other and (2) the pursuit of a common external trade policy
  5. Common Market
    A group of countries committed to (1) removing all barriers to the free flow of goods, services, and factors of production between each other and (2) the pursuit of a common external trade policy
  6. Economic Union
    A group of countries committed to (1) removing all barriers to the free flow of goods, services, and factors of production between each other; (2) the adoption of a common currency; (3) the harmonization of tax rates; and (4) the pursuit of a common external trade policy
  7. Political Union
    A central political apparatus coordinates economic, social, and foreign policy
  8. Trade Creation
    Trade created due to regional economic integration; occurs when high-cost domestic producers are replaced by low-cost foreign producers within a free trade area
  9. Trade Diversion
    Trade diverted due to regional economic integration; occurs when low-cost foreign suppliers outside a free trade area are replaced by higher-cost suppliers within a free trade area
  10. European Union
    An economic and political union of 28 countries (2014) that are located in Europe
  11. Treaty of Rome
    The 1957 treaty that established the European Community
  12. European Commission
    Responsible for proposing EU legislation, implementing it, and monitoring compliance
  13. European Council
    The heads of state of EU members and the president of the European Commission
  14. European Parliament
    Elected EU body that provides consultation on issues proposed by European Commission
  15. Treaty of Lisbon
    A European Union-sanctioned treaty that will allow the European Parliament to become the co-equal legislator for almost all European laws
  16. Court of Justice
    Supreme appeals court for EU law
  17. Maastricht Treaty
    Treaty agreed to in 1992, but not ratified until January 1, 1994, that committed the 12 member-states of the European Community to a closer economic and political union
  18. Optimal Currency Area
    Region in which similarities in economic activity make a single currency and exchange rate feasible instruments of macroeconomic policy
  19. North American Free Trade Agreement (NAFTA)
    Free trade area among Canada, Mexico, and the United States
  20. Andean Community
    A 1969 agreement among Bolivia, Chile, Ecuador, Colombia, and Peru to establish a customs union
  21. Mercosur
    Pact among Argentina, Brazil, Paraguay, and Uruguay to establish a free trade area
  22. Central American Common Market
    A trade pact among Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua, which began in the early 1960s but collapsed in 1969 due to war
  23. Central America Free Trade Agreement (CAFTA)
    The agreement of the member-states of the Central American Common Market joined by the Dominican Republic to trade freely with the United States
  24. CARICOM (Caribbean Community)
    An association of English-speaking Caribbean states that are attempting to establish as customs union
  25. Caribbean Single Market and Economy (CSME)
    The six CARICOM members that agreed to lower trade barriers and harmonize macroeconomic and monetary policies
  26. Association of Southeast Asian Nations (ASEAN)
    Formed in 1967, an attempt to establish a free trade area among Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Vietnam, and Thailand
Author
shesddeevl
ID
328800
Card Set
Ch 9 Bus498
Description
Bus498 Exam 2
Updated