GS&G 3.1, 3.2 Flashcards
(33 cards)
Describe the transition of valuable products in global trade.
Most valuable products typically move from High-Income Countries (HIC) to Low-Income Countries (LIC).
Identify the leading country in ASEAN exports.
Singapore lead over half of ASEAN’s exports
What was the combined economic growth rate of ASEAN?
The combined total economy of ASEAN grew by 4.2%.
Discuss the wealth disparities within ASEAN.
There are vast wealth disparities between countries like Singapore and Laos.
What issues were highlighted in ASEAN countries?
COVID-19 revealed serious public health service issues in certain ASEAN countries.
Define NAFTA and its member countries.
NAFTA, or the North American Free Trade Agreement, includes Canada, Mexico, and the USA.
What changes occurred with NAFTA in 2018?
NAFTA was replaced by the USMCA in 2018, which went into effect in July 2020.
How did the USMCA impact laws?
The USMCA led to more enforcement on environmental problems and increased labor laws.
What is the European Union (EU) and how many countries are involved?
The EU is a political and economic union of 27 countries.
Explain the economic cooperation fostered by the EU.
The EU promotes the idea that countries that trade with one another can become economically interdependent and avoid conflict.
What is the poverty rate in some EU countries?
Poverty rates exceed 25% in five EU countries.
How has the use of the Euro affected exchange rates in the EU?
It has stopped fluctuations in the exchange rate
What is a consequence of EU decision-making for member countries?
Loss of Sovereignty
Define TTIP and its purpose.
TTIP, or the Transatlantic Trade and Investment Partnership, is an agreement between the EU and the USA.
Describe the potential economic impact of TTIP according to the European Commission.
The European Commission claimed that TTIP would have boosted the US economy by 120 billion Euros, the EU economy by 90 billion Euros, and the rest of the world by 100 billion Euros.
Identify a concern Europeans had regarding TTIP.
Many Europeans worried that reduced trade protection would allow the sale of low-quality American goods.
Explain what customs unions are and give an example.
Customs unions are agreements where member countries impose tariffs on incoming goods from non-member countries. An example is Mercosur in Latin America.
What are some disadvantages of trade agreements?
Disadvantages of trade agreements include uneven power dynamics, loss of sovereignty, exclusion of non-member countries, and high tariffs on countries not in the trade group.
List some advantages of trade agreements.
Advantages of trade agreements include cheaper imports and exports, political alliances, reduced legal fees, encouraged economic growth, increased trade, more efficient resource use, and better work opportunities.
Define free trade areas and provide an example.
Free trade areas are regions where tariffs and quotas are reduced or abolished on goods between member countries. An example is NAFTA.
How do common markets differ from customs unions?
Common markets are similar to customs unions but also allow for freer movement of labor and capital among member countries.
What characterizes economic unions?
Economic unions encompass all features of free trade areas, customs unions, and common markets, but also require members to adopt common policies in areas such as agriculture, fisheries, and transport.
What is the current form of the EU classified as?
The current form of the EU is classified as an economic union.
How did energy and food prices change from 1980 to 2010
Energy prices - +168%
Food prices - -58%
