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Flashcards in Global Social and Economic Groupings Deck (14)
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1

What is the line that separates the North and South of the world based on development?

Brandt Line

2

What are the four categories for the types of countries?

Affluent countries
Emerging economies
Economic potential
Poorest economies

3

What are the "economic potential" countries?

Countries that have been unable to translate their possible wealth generators into overall development or the wealth does not trickle down

4

What is the development continuum?

The concept and idea that not every country will develop at the same rate or in the same way

5

What is a trade bloc?

A group of countries that aligned and came together to stimulate economic trade and growth

6

What is a free trade area? and give an example

Countries agree to abolish trade restrictions between them however there is no common policy upon all external trade e.g NAFTA

7

What is a custom Union? and give an example

Countries part of it experience free trade between them and there is a common policy upon all external trade e.g Mercosaur

8

What is a common market?

Same as a custom Union in that there is free trade between member countries and a common policy upon external trade, however there is also the ability of free movement of labour

9

What is an economic union?example

Members experience free trade and labour movement between themselves and there is a common policy upon external trade they also adopt common policies upon many sectors of industry and economic as well as the environment e.g EU

9

What are 4 positives of international groupings?

1) Greater chance of peace
2) Increased trade leads to economic growth
3) Particular sectors protected (e.g Agriculture in the EU)
4) Greater movement of people means more jobs and education
5) Support for smaller countries if they experience trouble (e.g South Italy)
6) Can help prevent currency fluctuations
7) Migration can lead to countries receiving skilled labour

11

What are 4 negatives of international groupings?

1) Loss of national sovereignty as decisions made by undemocratic bureaucracy
2) Certain industries e.g fishing loose resources by sharing
3) Due to free labour movement the more attractive countries may experience strain upon services
4) Some countries have to pay a large amount of GDP to the group

14

How much does the UK pay to the UK every week?

£361MN

15

What is the net payment that the UK pays to the UK every week?

£161MN

16

What are some factors that reduce the net contribution of the U.K. To the EU?

Rebate
Private sector
Direct to treasury