The Global economy - eco
Terms
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- EU
- it has been known as the European Community and prior to that the European Economic Community
- WTO
- an organisation of 153 member countries that implements and advances global trade agreements and resolves trade disputes between nations
- NAFTA
- a free trade agreement between the United States, Canada and Mexico that has been in effect since 1994
- Globalisation
- the process of increased integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity
- TNCs
- an important development that has contributed to trade flows
- Global economy
- the sum of the interactions between the economies of individual countries that are now increasingly linked together into one economic unit
- GATT
- was a multinational trade promotion process that began in 1947. The final round of GATT negotiations finished in 1993, and agreed to replace GATT with the WTO in 1995.
- major indicators of integration
- international trade flows, international financial flows, international investment flows and transfers of technology and the movement of workers between countries
- TNCs
- global companies that dominate global product and factor markets. They have production facilities in at least 2 countries and are owned by residents of at least 2 countries
- Gross world product
- the sum of total output of goods and services by all economies in the world over a period of time
- EU
- The association has recently expanded to include new members in Easter, Central and Southern Europe
- APEC
- a group of 21 Asia-Pacific nations including Australia that have an informal agreement to achieve free trade among its members by 2010 for developed economies and by 2020 for developing economies
- TNCs
- Microsoft, Shell, Sony and Ford
- EU
- an association of 27 European nations that began as a trading bloc establishing a common market for goods and services, capital and labour. The EU members have increasingly become economically and politically integrated.