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15 Cards in this Set

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  • Back
Deep Integration
economic integration beyond removal of barriers at each country’s border
Foreign Direct Investment (FDI)
the purchase of physical assets by a foreign company or individual
Gross Domestic Product (GDP)
the market value of all final goods and services produced within a year inside a nation
Index of Openness
a measure of importance of trade to a national economy
Quotas
a numerical limit on the volume of imports
Regional Trade Agreement
agreements between two or more countries, each offering the others preferential access and variable amounts of deep integration
Shallow Integration
the elimination or reduction of tariffs, quotas, and other border-related barriers
Tariffs
taxes imposed on imports
Transaction Costs
the costs of gathering market information, arranging a market agreement, and enforcing the agreement
Autonomy
self-governing, or independent
Bretton Woods Conference
talks establishing the international financial and economic order after WWII; created the International Monetary Fund and the World Bank
Common External Tariff
the policy of customs unions in which the members adopt the same tariffs towards nonmembers
Common Market
a regional trade agreement whose member nations allow the free movement of inputs as well as outputs, who share a common external tariff towards nonmembers
Customs Union
an agreement among two or more member countries to engage in free trade with each other and to share a common external tariff toward nonmembers
Doha Development Agenda
the name for the trade negotiations that began in 2000 under the auspices of the World Trade Organization