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ECONOMICS INTEGRATION - Coggle Diagram
ECONOMICS INTEGRATION
types or stages
Preference trade area
A preference trading area is a trading bloc that access to certain product to certain countries.
free trade area
free trade area is an agreement made between countries
custom union
agree to adopt common external barriers against any country
economic unions
common market with a common currency and a common central bank
common market
custom union with common policies on product regulations
ASEAN
Is an association that consists of 10 southest Asian States
Thailand, Indonesia, Philippines, Singapore,Malaysia,Vietnam,Laos, Myanmar,Combodia
Objective
it improves economic, political and social cooperation
to balance political conflicts between these countries that existed as a consequence of decolonization and post-colonial stare-building.
The 3 ASEAN Pillars
As a political and security community to ensure peace
As an economis community with a strong domestic
As a social and cultural community
3 Challenge and solution
numbers of problem coal production
problem haze
the environmental pillar
MERCANTILISM
created barriers to international trade countries aim to produce as much as possible on their own
aimed to maximize exports and minimiza import and increase a country's supply of gold.
in late 18th century so-called classical economists refuted these long held beliefs championing the idea that society should trade woth one another to be more successful because comparative advance.
before the 19th century must european countries tried to do just that prioritizing self-sufficient in a system call mercantilism.
Definition
A group of countries which trade with one another, but they have an agreement among members to reduce trade barriers with one another.
Trade creation
occurs when expensive domestic production is replaced by cheaper imports from more efficience partner countries.
trade diversion
Increase in trade with higher-cost producer.
European Union
3 facts of EU
countries pay memberships dues
countries vote on laws
citezen of countries are EU citizens
NAFTA
single trade-free zone