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9 Cards in this Set
- Front
- Back
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regional economic integration
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process whereby countries in a geographic region cooperate to reduce or eliminate barriers to the international flow of products, people, or capital
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free-trade area
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economic integration whereby countries seek to remove all barriers to trade between themselves, but each country determines its own barriers against nonmembers
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customs union
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economic integration whereby countries remove all barriers to trade between themelves but erect a common trade policy against nonmemebers
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common market
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economic integration whereby countries remove all barriers to trade and the movement of labor and capital between themselves but erect a common trade policy against nonmembers
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economic union
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economic integration whereby countries remove barriers to trade and the movement of labor and capital, erect a common trade policy against nonmembers, and coordinate their economic policies
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political union
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economic and political integration whereby countries coordinate aspects of their economic and political systems
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trade creation
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increase in the level of trade between nations that results from regional economic integration
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trade diversion
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diversion of trade away from nations not belonging to a trading bloc and toward member nations
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european monetary fund
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european union plan that established its own central bank and currency
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