AP HGS Unit 7.6 Topics review

a review on major topics in unit 7 from 7.6

Neoliberal policies

Policies that promote free market principles, such as deregulation, liberalization, and privatization. These policies are designed to increase the role of the private sector in the economy and reduce the role of the government.

Deregulation

Removing or reducing regulations on business, such as laws and regulations that control prices, protect consumers, or protect the environment.

Liberalization

Opening up markets to foreign competition by reducing tariffs, quotas, and other trade barriers. It aims to enhance trade and investment flows, fostering economic growth.

Privatization

The transfer of ownership of a public service or property to private individuals or organizations. This process is intended to increase efficiency and reduce government involvement in the economy. It often involves selling state-owned enterprises to private investors.

Austerity

Reducing government spending, often in an effort to reduce budget deficits or debt.

Free trade

Promoting international trade by reducing tariffs, quotas, and other trade barriers.

EU

Primarily located in Europe, it aims to promotes economic, political, and social integration among its member states.

WTO

The World Trade Organization is an international organization that promotes free trade and the liberalization of international trade. It sets rules and standards for international trade, and its member states agree to abide by these rules as part of their membership.

Mercosur

Mercosur is a regional trade bloc in South America that promotes economic integration among its member states, which include Argentina, Brazil, Paraguay, and Uruguay.

OPEC

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 oil-producing countries that aims to coordinate and unify the petroleum policies of its member states.

International Monetary Fund (IMF)

An international organization that provides financial assistance to member countries in order to help them address balance of payment problems and stabilize their economies. The IMF provides loans to member countries and sets conditions for their use, and it also provides technical assistance and advice on economic policy.

Tariffs

taxes imposed on imported goods to protect domestic industries and generate revenue for the government.

Comparative Advantage:

The economic principle that refers to the ability of a country or entity to produce a good or service at a lower opportunity cost than another.