![]() Loss of economic and policital sovereignty Definition of Terms of Trade (HL) An index that shows a country's average export prices, relative to its import prices. Favor increased trade among members, but enact discriminatory policies against non-members → this goes against the multilateral trading negotiations in the WTO Disadvantages for countries outside of trading bloc Monetary unions can't use monetary policies to achieve economic growth (no automatic stabilizers) Economies of scale (more sources of comparative advantage) Disadvantages of Trading Blocs - Obligated to follow regulations of trading blocs (loss of economic independence) Decrease in risk speculations for monetary unions (increase in currency confidence) Greater political stability and cooperation ![]() More choices and lower prices for consumers Increased competition (leading to greater efficiency) Examples of Economic & Monetary Union - Eurozone → includes the member countries of the EU that have adopted Euro as their currency (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain) Definition of Complete Economic Integration Monetary union that has common economic and fiscal policies Advantages of Trading Blocs - Greater market size (larger export market) → Increase in foreign direct investment → financial account surplus 8.Definition of Economic & Monetary Union Common market with a common currency. Depreciation expense on store equipment 3. In which expense section of the income statement should each be reported: (c) other?ġ. The following expenses were incurred by a merchandising business during the year. OECD Organisation for Economic Co-operation and Development, inter-governmental economic organisation with 37 member countries, founded in 1961 to stimulate economic progress and world trade EU European Union: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden. ASEAN (AFTA) Asia-Pacific Economic Co-operation: Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong-China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, United States, and Vietnam. ![]() UEMOA West Africa Economic and Monetary Union: Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal, Togo. SAARC South Asian Association for Regional Co-operation: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka. Of Congo, Lesotho, Madagascar, Malawi, Mozambique, Namibia, South Africa, Swaziland, Tanzania, Zambia, Zimbabwe. SADC South African Development Committee: Angola, Botswana, Dem. Pacific Alliance Chile, Colombia, Mexico, Peru. NAFTA North American Free Trade agreement: Canada, Mexico, USA. OPEC Organisation of Petroleum Exporting Countries is made up of members mainly from the Middle East but also from South America and Africa, their focus is to control oil trade, of which is the most important commodity CARICOM Caribbean community of 20 countries EFTA European Free Trade Association: Iceland, Liechtenstein, Norway, Switzerland.
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