sustainable prosperity Flashcards
(18 cards)
What is the World Trade Organization (WTO)?
A global trade organization established in 1995 with over 160 member countries.
Purpose: Create and enforce international trade rules, resolve trade disputes, and reduce barriers like tariffs and quotas.
What is the purpose of the World Trade Organization (WTO)?
Create and enforce international trade rules, resolve trade disputes, reduce barriers like tariffs and quotas.
It promotes free and fair trade and supports global economic stability.
When was the North American Free Trade Agreement (NAFTA) established?
1994
Replaced by the United States–Mexico–Canada Agreement (USMCA) in 2020.
What are the member countries of NAFTA/USMCA?
Canada, U.S., and Mexico.
These countries are involved in a regional trade agreement.
What is the primary purpose of NAFTA/USMCA?
Eliminate tariffs on goods traded among the three countries and encourage investment and economic cooperation.
This agreement created one of the largest free trade zones in the world.
What is the European Union (EU)?
A regional political and economic union founded in 1993 with 27 member countries.
It has roots in earlier agreements.
What is the purpose of the European Union (EU)?
Allow free movement of people, goods, services, and capital; create a shared currency (the euro); promote peace, cooperation, and economic growth.
The EU acts like a single market and influences global politics.
What type of organization is the Organisation for Economic Co-operation and Development (OECD)?
An economic policy organization founded in 1961.
It has 38 mostly high-income member countries.
What is the purpose of the OECD?
Share research, data, and advice on improving economies and societies; promote democratic values, education, innovation, and environmental sustainability.
The OECD helps countries compare and improve their policies.
When was the World Bank founded?
1944
It is a development finance institution with 189 member countries.
What is the purpose of the World Bank?
Reduce poverty and support development in low- and middle-income countries; provide long-term loans and technical support for projects.
It focuses on building infrastructure and improving living conditions.
What type of institution is the International Monetary Fund (IMF)?
A global financial institution founded in 1944.
It has 190 member countries.
What is the purpose of the IMF?
Promote global financial stability; provide short-term loans to countries in economic trouble; offer economic analysis and advice.
The IMF helps prevent global financial crises.
True or False: The European Union (EU) has a shared currency used by 20 countries.
True
The shared currency is the euro.
Fill in the blank: The World Bank aims to reduce _______ and support development in low- and middle-income countries.
poverty
What significant impact did NAFTA/USMCA have on businesses?
Made it cheaper and easier for businesses to trade across borders.
It also sparked debates about jobs and environmental impacts.
What is the role of the OECD in terms of data?
Collects data on education, income, and quality of life to recommend best practices.
It helps countries improve their policies.
What year was the USMCA implemented, replacing NAFTA?
2020
