BUS_1801_Week_6_Essay_Exam.docx - BUS 1801 Essay Exam 4 What is meant by regional economic integration an agreement between groups of countries in a

BUS_1801_Week_6_Essay_Exam.docx - BUS 1801 Essay Exam 4...

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BUS 1801 Essay Exam 4) What is meant by regional economic integration? an agreement between groups of countries in a geographic region, to reduce and ultimately remove tariff and non-tariff barriers to the free flow of goods, services, and factors of production between each other. What is meant by global economic integration? Efforts to reduce trade and investment barriers around the globe. Give three (3) examples of regional economic organizations and one (1) example of a global economic organization. Regional Economic Organizations: North American free trade Agreement (NAFTA) Union of South American States European Union Global Economic Organization: World Trade Organization (WTO) Discuss two (2) advantages and two (2) disadvantages of regional economic integration. An advantage of regional economic integration is the economic growth. In two decades under
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Unformatted text preview: NAFTA, merchandise trade grew from US$289 Billion to US$1.1 Trillion a fourfold increase. Trade has the potential to grow exponentially. A disadvantage is that it can also create an easy way for businesses to export jobs, and there for creating an economic crisis for working people. A prime example is how the auto industry packed up and left the Midwest states of America and relocated to Canada and Mexico. There were whole neighborhoods devastated by the decline in jobs and rise in poverty. Explain why we don’t see stronger regional economic integration organizations in Africa? 5) Why do countries trade with one another? Explain the theory of comparative advantage. Explain the theory of national competitive advantage of industries (Porter’s diamond). Why are these important international trade theories?...
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  • Spring '14
  • DonaldA.Bittar

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