Chapter 9

Vocabulary flashcards covering key terms and concepts from Chapter 9 on Economic Development and the Americas.

Emerging Market

An economy or country with low to middle per capita income characterized by rapid economic development and government policies favoring economic liberalization.

Characteristics of Emerging Markets

Features such as huge income gaps, political and economic instability, lack of legal frameworks, and poor marketing infrastructure.

USMCA

The United States-Mexico-Canada Agreement, which replaced NAFTA on July 1, 2020, becoming a significant trade area.

Mercosur

The Southern Cone Common Market, a regional trade bloc in South America including Argentina, Brazil, Paraguay, Uruguay, and Venezuela, not as well-integrated as USMCA.

Middle-class Consumer

An increasing segment of the population with rising incomes, leading to greater demand for durable and expensive products.

Marketing Implications in Emerging Markets

Considerations on how to effectively market products to consumers in economies with unique challenges like poor infrastructure and legal systems.

Big Emerging Markets

Countries that are geographically large, have significant populations, and represent sizable markets with potential for growth.

Infrastructure

The basic physical and organizational structures required for the operation of a society or enterprise, such as roads and communication networks.

Political Importance

The status of countries that undertake significant economic reforms and act as regional economic drivers.

Global Brands vs. Local Brands

Global brands are aspirational brands sought after for social status, while local brands are more accessible but often less prestigious.