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New World Order
Help Me
Trade
Cash Only
My Money
100
Process by which the world's economies are becoming more closely intergrated
What is Globalisation
100
actions and policies that restrict or restrain international trade
What is Protectionism
100
A group of countries that agree to trade without barriers between themselves.
What is Free Trade Area
100
Record of all monetary transactions between a country and the rest of the world.
What is Balance of Payment
100
Rate at which one currency will be exchanged for another.
What is Exchange rate
200
Multilateral body responsible for overseeing the conduct of international trade
What is WTO
200
A tax imposed on imported goods and services.
What is Tariffs
200
The replacement of cheaper imported goods by goods from a less efficient trading partner within a bloc.
What is Trade Diversion
200
Account identifying transactions in goods and service between the residents of a country and the rest of the world.
What is Current Account
200
fluctuating exchange rate
What is floating exchange rate
300
Critics have focused on this impact of the effects of Globalization.
What is the Environment
300
An agreement by a country to limit its exports to another country.
What is VER (Voluntary Export Restraint)
300
The replacement of more expensive domestic production or imports with cheaper output from a partner within a trading bloc.
What is Trade Creation
300
Account identifying transactions in financial assets between the residents of a country and the rest of the world
What is Financial Account
300
A reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged.
What is Devaluation
400
Development that meets the needs of the present without compromising the ability of future generations.
What is Sustainable Development
400
27 members
What is the make up of the EU
400
How many members of the WTO
What is 153
400
The difference between the monetary value of exports and imports of output in an economy over a certain period.
What is The balance of trade
400
Set up by group of countries in 1979 with the objective of keeping member countries currencies stable.
What is ERM (Exchange Rate Mechanism)
500
The precursor to WTO
What is GATT (General Agreement on Tariffs and Trade)
500
Comprised of rules and regulations that control the standards of the products that can be sold in a country.
What is Non-Tariff Barriers
500
A group of countries that agree to trade without barriers between them, and with a common tariff barrier against the rest of the world.
What is Customs Unions
500
Trade in goods
What is Visible trade
500
The Bretton Woods Conference
What is where it was agreed to establish a fixed exchange rate system