There are some types of Market integration (Economic Integration): 1. Preferential Trade Agreement. 2. Free-Trade Area. 3. Customs Union. 4. Common Markets. 5. Economic Union. Describe the meaning of each type and give example of each type of Market
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- In France, government actions and market forces together guide the economic activities. Prices of goods and services are determined by the government and private sector. Determine, what type of an economic system France is following? a. Command economic system b. Socialist economic system c. Mixed economic system d. Free market economic system1. Distinguish between a command economy and a market economy. Give examples. 2. Discuss the characteristics of a market system. 3. Analyze a circular flow model showing the interaction among households, business firms, government, and the foreign sector.Explain the difference between market capitalism, centrally planned capitalism, centrallyplanned socialism, and market socialism. Give an example of a country that illustrates eachtype of system. Marks-25
- Which of the below statements BEST captures the expressed views of the author, Charles Wheelan, in chapter 8, "Power of Organized Interests," in the book, Naked Economics? A) In the 15th century China's rulers banned long sea-voyage trade ventures, a decision which propelled China into rapid economic development, discovery and prosperity. B) Protectionism in trade is an excellent idea and it will prevent jobs from leaving the U.S. C) There is a crucial distinction between using the political process to build a safety net for those harmed by creative destruction, and using the political process to stop that creative destruction. D) We should engage in free trade without any thought to the workers who get displaced by foreign competition.10. Which of the following accurately depicts the levels of economic integration, from least integrated to most integrate? A. Free trade area, customs union, common market, economic union, and political union B. Economic union, common market, free trade area, political union, and customs union C. Common market, economic union, political union, free trade area, and customs union D. Political union, free trade area, common market, customs union, and economic union9- Prior to industrial revolution sales team was not required because: a. People do not want to sell anything b. Marketing was not considered as a subject at that point of time c. Small Scale Enterprises were dominant in the economic scene d. People were not considered as a subject at that point of time
- Discuss the levels of economic integration and indicate which level best describes the CARICOM Single Market and Economy (CSME), Organization of Eastern Caribbean States (OECS) and the European Union (EU) arrangement. Identify the CSME Member States and briefly discuss the regimes of the CSME. Discuss with the use of examples whether CSME has led to trade creation or trade diversion among CSME participating Member States.Describe free and fair trade and how they are different. Provide a detailed answer with relevant examplesWhich is the correct interpretation of the Invisible Hand? (A) The corporations associated with weapons, pharmaceuticals, and agriculture profit, thus increasing economic growth. (B) People are less likely to trade with foreigners, since they know more about the domestic market. (C) Capitalism and the free market lead to maximum prosperity for society. (D) The gap between a worker’s labour value and the capitalist’s profit begets alien ation of labour
- The biggest obstacle to the establishment of the CARICOM Single Market Economy (CSME) is freedom of movement. How much of this claim is accurate? Talk aboutExamine the meaning of the word "free" in "free trade" what is free about it? who is it free for? does free trade restrict any freedoms? who does it benefit?List down the important ideas/concepts. Globalization is the term used to describe how countries are becoming more interconnected economically and culturally. Globalization is an international process driven by trade, investment technology, and finances; this process affects culture, political systems, economic development and prosperity, and human physical well-being worldwide. Globalization is not new, though. For thousands of years, people and later corporations bought from and sold to each other at great distances. One such example is the thin silk road across central Asia that connected China and Europe during the middle ages. Still, what exactly has driven globalization over the past 20 years? These have been significant developments in both communications and transport technologies. The introduction of specialized bulk carriers and container ships has helped reduce the cost of transportation and significantly increase the volume of world trade. Recent developments in…