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