Ch 53 Flashcards
(6 cards)
1
Q
Globalisation
A
Process by which the world is becoming increasingly interconnected through trade and other links
2
Q
Trade bloc
A
Regional group of countries that have entered into trade agreements
3
Q
Free trade area
A
Trade bloc where member governments agree to remove trade restrictions among themselves
4
Q
Customs union
A
Trade bloc where there is free trade between member countries and a common external tariff in imports
5
Q
Monetary union
A
Trade bloc which involves memeber countiries operating the same currency, having one exchange rate and the same interest rate
6
Q
Full economic union
A
Trade bloc where there is free trade between memeber countries, common external tariff common economic policies and the same currencies
