The Global Economic Environment

These flashcards cover key vocabulary terms related to the global economic environment, including types of economic systems and classifications of countries based on economic performance.

Economic Integration

The process by which different countries become more closely interconnected through trade and investment.

NAFTA

North American Free Trade Agreement, which enabled free trade between the US, Canada, and Mexico.

Centrally Planned Socialism

Economic system where the state controls all major industries and resources, dictating the production and distribution of goods.

Market Capitalism

An economic system where resources are allocated by private individuals and firms based on supply and demand.

GNI per Capita

Gross National Income divided by the population, used to measure a country's economic performance.

High-Income Countries

Countries with a GNI per capita of $12,236 or more, characterized by advanced economic development.

Bottom of the Pyramid (BOP)

A market segment consisting of the poorest socio-economic groups, often underestimated in economic potential.

BRICS

An acronym for Brazil, Russia, India, China, and South Africa, representing a group of emerging economies.

OECD

Organisation for Economic Co-operation and Development, an international organization aimed at promoting economic growth and stability.

Market Socialism

An economic system that allows for market allocation policies within a framework of state ownership of key resources.