Regional integration Flashcards
(23 cards)
What is the CSME
Caricom Single Market and Economy
What is the benefits of CARICOM
1.Business between nations
2.Can travel to each other countries without visas
3.Stronger Regional Unity
4.Easier Trade
5.Free Movement of People
What is bilateral agreement
An agreement between two groups, countries or nations
What is multilateral agreement
An agreement among many groups, countries or nations
What is a developing country
A country that has not yet reached the stage of economic growth to stand on its own for further growth
What is a developed country
A country that has high levels of development and high gross product per capita
What is globalization
The increased connectivity and interdependence of world markets and businesses.
What is the fiscal policy
A government’s use of spending and taxation to influence the economy
What is the purpose of regional integration
To enhance the development of the region
What is an independent state
A country that has relinquished ties with the mother country
What are difficulties CARICOM face because of their small size
Unemployment
Inadequate Health services
Overpopulation
Lack of financial resources
Brain drain
Vulnerability to Natural Disasters
Actions that CARICOM business owners can take to expand their businesses to other CARICOM countries
1.Apply for government subsidies and grants so that production would be cheaper
2.Provide essential services to CARICOM member countries that other territories do not
3.Use Caribbean festivals such as CARIFESTA to launch pioneer businesses
How does free movement reduce unemployment in the Caribbean
- Increasing the skills pool
2.Reducing brain drain
3.Boosting domestic demand
4.Access to More Job Markets
Give reasons CARICOM government should enact laws to implement CARICOM decisions
- To promote regional integration
2.Liberizing trade and labor mobility people can travel to another CARICOM country to work easily
3.To Make CARICOM Agreements Actually Work
What are factors dat may lead to brain drain
High unemployment
Political instability
Lack of higher education facilities
Gender persecution
Low standard of living
What are the characteristics of developed countries
Per capita income
Diverse economies
Infrastructure
Low unemployment rate
Technological advancement
High standard of living
What are the characteristics of developing countries
Overpopulation
Poor sanitation
Poverty
High unemployment rate
Limited access to healthcare
Low standard of living
What are some functional areas of CARICOM
Economic integration
Human and social development
Foreign policy coordination
Security
What are factors that hinder regional integration
1.Differences in stages of growth
2.Absence of a foreign currency
3.unequal distribution of resources
4.Competition for foreign investment
What are factors that promote regional integration
- Geographical Location
2.Common Cultural Heritage
3.Effects of Globalization, Trade liberalization and trading blocs - Common economic and social issues
What does the CSME do
Facilitates free movement of goods, services, persons, and capital within the CARICOM region
What is trade liberalization
The reduction or removal of trade barriers between countries to promote free trade
What is trading blocs
A group of countries that form agreements to reduce or removee trade barriers between themselves to encourage trade and economic integration
