Term
| Gross Domestic Product (GDP) |
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Definition
the value of all the goods and services produced by a country in a single year
=Private consumption+gross investment+government spending+(exports-imports) |
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Term
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Definition
| GDP divided by country population |
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Term
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Definition
| GDP adustedd for purchasing power |
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Term
| Purchasing Power Parity (PPP) |
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Definition
| accounts for currency exchange rate to compare the cost of goods in different countries |
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Term
| Human Development Index (HDI) |
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Definition
measures a country's average achievments in 3 basic aspects of human development:
-health (life expectancy)
-knowledge (education)
-decent standard of living (income) |
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Term
| Multidimensional Poverty Index (MPI) |
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Definition
measures the most basic dimensions of deprivation:
-health short life (child mortality, nutrition)
-education (yrs of schooling)
-living standards (toilets, water, electricity) |
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Term
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Definition
| these countries characterized as postindustrial with high per capita incomes, competitive industries, transparent legal and regulatory environements, and well-developed commercial infrastructures |
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Term
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Definition
countries that rank lower on various classifications including GDP and HDI
-economies are focused on one or more key industries
-poor commercial inggrastructure
-business environments lack transparency
-weak competition |
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Term
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Definition
| a country that is transitionaing from a centrally managed economy to a free market-oriented economy. |
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Term
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Definition
Only institutional body charged with facilitating free and fair trade between member nations
-153 nations |
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Term
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Definition
-large and slow organization
-negotiation rounds occur only every several years
-loopholes that allow disparity
-Resolving disputes is complex |
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Term
| Regional Economic Integration |
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Definition
enabled countries to focus on issues relevant to their own development and encourage trade between neighbors
-NAFTA
-GCC
-COMESA
-EU |
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Term
| Pros of Regional Economic Integration |
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Definition
-trade creation
-employment opportunities
-consensus and cooperation
-more consistent criteria for investment and trade
Reduced barriers to entry |
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Term
| Cons for Regional Economic Integration |
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Definition
-trade division
-employment shifts and reductions
-loss of national sovereignty
-having the trade rules change with new trade agreement
-Finding oneself outisde of a new trading block |
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Term
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Definition
| established when free trade and trading blocks were popular and positively percieved |
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Term
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Definition
-uniform customs policies
-avoidance of export subsidies between NA countries
-reduction of investment restrictions
-extension of intellectual property rights to entire NA |
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Term
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Definition
| an operation that invloves manufacturing in a country that is not the client's and such has an interesting duty or tariff treatment |
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Term
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Definition
-brought nations with long-standing rivalries together
-develops members' economies to be internationally competitive
-Committed to consolidation of democracy and maintenance of peace throughout the southern cone |
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Term
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Definition
-most integrated form of economic cooperation
-created by the treaty of Maastricht in 1993
-28 countries, 500M people, 23 languages |
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Term
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Definition
-European Council
-European Commission
-European Parliament
-Council of the European Union
-Court of Justice |
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Term
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Definition
-goods
-services
-people
-capital |
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Term
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Definition
-no police or customs checks at borders between most EU countries
-controls strengthened at EU external borders
-More cooperation between police from different EU countries
-You can buy and bring back any goods for personal use when you travel bw EU countries |
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Term
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Definition
-focused on economic, social, cultural, and technical cooperation
-promotes regional peace and stability |
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Term
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Definition
| only regional trading group that uses the term member economies, rather than countries, in deference to China |
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Term
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Definition
| focuses on trade, economic, and social issues |
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Term
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Definition
-organization of the African Union states
-provides staged integration of regional economic agreements |
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