7.6 Flashcards
(13 cards)
mercantilism
a theory of trade stating that each country strives to export more than it imports to accumulate wealth
protectionism
trade rules that restrict imports in order to protect domestic industries
absolute advantage
a nation’s ability to produce one product much more efficiently than it can produce other products within its economy
complementarity
a measure of how well one country’s export profile matches another country’s import profile
transnational corporation (TNC)
a firm with the power to coordinate and control operations in more than one country, even if it does not own those operations
competitive advantage
a firm’s relative ability to outperform other TNCs in its industries
neoliberalism
a range of pro-market and antigovernmental positions on the economy, such as reducing government ownership and regulation and promoting privatization and market-based solutions
international monetary fund
international organization that seeks to foster global monetary cooperation, achieve financial stability, facilitate international trade, and promote sustainable economic growth
world bank
international financial organization that provides funding and expertise to promote sustainable economic growth in developing countries
world trade organization (WTO)
an international organization that regulates trade among 184 member States, providing framework for negotiating trade agreements and resolving trade disputes
free trade agreement
a treaty between 2 or more countries that reduces tariffs and promotes foreign investments
mercosur
southern common market, customs Union that includes Argentina, Brazil, Paraguay, and Uruguay
OPEC
intergovernmental organization created to coordinate and unify petroleum policies among member countries
