Terms in this set (17)
Economic system in which prices are determined by unrestricted competition between privately owned businesses.
Regional Trade Agreements
Reciprocal trade agreements between two or more partners. They include free trade agreements and customs unions.
General Agreement on Tariffs and Trade: a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. Lasted from 1948 to 1994, when it was replaced by WTO
World Trade Organisation who oversee world trade and intervene in any disputes
A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. As seen globally in 2008-9 in the financial crisis
The Group of Seven is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The European Union is also represented at the G7 summit.
Is by a few economic blocs such as Europe, North America and East Asia
Trade in merchandise
Increased from ~$10.8 trillion in 2005 to $16.5 trillion in 2015
Trade in Services
Increased from ~$2.5 trillion in 2005 to ~$4.7 trillion in 2015
Asia, Europe and North America
have accounted for 88% in total merchandise trade of WTO members over the past ten years.
The share of developing economies
In merchandise exports increased from 33% in 2005 to 42% in 2015.
Area with lowest amounts of Intra regional trade
Asia and Europe
Areas with largest amounts of intra regional trade
Intra Regional trade
Happens when trade in goods and services happens inside a specific region of the world economy such as sub-Saharan Africa or the member nations of the European Union
Foreign Direct Investment, an investment made by a firm or individual in one country into business interests located in another country
FDI in 2016
Was greatest in Europe, North America and Developing Asian economies according to UNCTAD
A trading partnership that seeks greater equity in international trade. It contributes to sustainable development by offering better trading conditions to, and securing the rights of, marginalized producers and workers
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Dimensions of Globalisation
Global marketing; patterns of production, distribution and consumption.
Factors in globalisation