SOM 122 Chapter Notes - Chapter 4: North American Free Trade Agreement, World Trade Organization, Asia-Pacific

• School: Syracuse University
• Department: School of Management
• Course: SOM 122
• Professor: Petosa

Document Summary

Globalization: process by which the world economy is becoming a single interdependent system. Import: product made or grown abroad but sold domestically. Export: product made or grown domestically but shipped and sold abroad. World bank uses per-capita income to distinctions among countries: high-income countries: those with annual per-capita greater than. Japan, china, thailand, malaysia, singapore, indonesia, south korea, taiwan, philippines, and australia. Treaty: legal agreement that specifies areas in which nations will cooperate with one another. North american free trade agreement (nafta): agreement to gradually eliminate tariffs and other trade barriers among the united states, canada and mexico. Created to a more active and unified north american market. The european union (eu): agreement among major european nations to eliminate or make uniform most trade barriers affecting group members. Eliminated most quotas and set uniform tariff levels on products imported and exported. Association of southeast asian nations (asean): organization for economic, political, social, and cultural cooperation among southeast asian.