Test 1 Study Guide - BUSA 4513 INTERNATIONAL BUSINESS UNIT...

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BUSA 4513 INTERNATIONAL BUSINESS UNIT TEST 1 STUDY GUIDE – FALL 2013 Test Format: This test is composed of 50 fill-in-the-blank; true/false; and multiple-choice questions. It will be administered via Blackboard using Respondus Lockdown Browser. Because of limited electrical outlets in the classroom, please be sure to have your laptop fully charged prior to the test. How to Approach Studying for the Test: Previous students have found it very beneficial to base their test preparation on the text. Therefore, I suggest you take this study guide and work through it using the text. In other words, be sure to look up what the text says about each concept and focus your study on that. Our in-class time is devoted to helping you understand those concepts and in application of those concepts. The PowerPoint slides used during our in- class discussion merely capture the general concept but do not provide a level of detail that will help you perform well on the test. Therefore, do not only rely on the PowerPoint slides. Chapter 1: Regional Economic Integration Be able to define regional economic integration. o Regional economic integration has enabled countries to focus on issues that are relevant to their stage of development as well as encourage trade between neighbors. There are four main types Know the five levels of regional economic integration and the definitions of each. Free trade area- the most basic form of operation. Member countries remove all barriers to trade between themselves but are free to independently determine trade policies with nonmember nations (NAFTA) Customs union- this type provides for economic cooperation as in a free- trade zone. Barriers to trade are removed between member countries. The primary difference from the free trade area is that members agree to treat trade with nonmember countries in a similar manner (GCC) Common market- this type allows for the creation of economically integrated markets between member countries. Trade barriers are removed, as are any restrictions on the movement of labor and capital between member countries. Like customs unions, there is a common trade policy fore trade with nonmember nations. The primary advantage to workers is that they no longer need a visa or work permit to work in another member country of a common market. (COMESA) Economic union- this type is created when countries enter into an economic agreement to remove barriers to trade and adopt common economic policies. (EU) Be able to identify the members and levels of integration of the major trade groups discussed in the chapter and during class. o NAFTA- free trade area, members are: US, Canada, Mexico o MERCOSUR- common market, Brazil and Argentina, Uruguay, Paraguay, Bolivia, Chile, Colombia, Ecuador, and Peru o CARICOM- common market, members: Bolivia Chile Colombia, Ecuador, and Peru o CAFTA- free trade, members: Dominican Republic, US, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua o EU- economic cooperation, members: France, West Germany, Italy, Belgium, Luxembourg, and the Netherlands
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