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8 Cards in this Set
- Front
- Back
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spatial transformations |
the process of allowing efficient geographic distribution of business activities within and among countries |
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customs union |
a group of free trade member countries that have adopted a common external tariff with nonmember countries |
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economic geography |
the study of principles that govern the efficient spatial allocation of economic resources and the resulting consequences |
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common market or single market |
a market formed when member countries of a customs union remove all barriers to allow the movement of capital and labor within the customs union |
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political union |
the union created when member countries of an economic and monetary union work closely with one another to arrive at common defense and foreign policies and behave as a single country |
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free-trade area |
an area in which two or more countries agree to eliminate all barriers to trade such as tariffs, quotas, and non-tariff barriers like border restrictions, while at the same time keeping their own external tariffs (within WTO guidelines) against nonmembers |
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economic and monetary union |
a union formed when members of a common market agree to implement common social programs (on education, employee benefits and retraining, health care, etc.) and coordinated macroeconomic policies (such as fiscal and monetary policies) that would lead to the creation of a single regional currency and a regional apex central bank |
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regional integration |
implementation of a multitude of economic and/or political steps by member states to increase their global competitiveness, including preferential trade access |
