PM003(04)

7. Plus/minus net income from assets (e.g. subsidiaries abroad) is GNI (= GNP).
9. A tool used by governments to protect local companies from outside competition.
10. This is one step further along the spectrum of economic integration. As in the free trade area, goods and services are freely traded among members.
11. Trade laws (often tariffs) that favour local firms and discriminate against foreign ones.
12. This is the value of all goods and services produced by the domestic economy over a one-year period, including income generated by the country’s international activities.

1. A restriction on the amount (measured in units or weight) of a good that can enter or leave a country during a certain period of time.
2. Total GNP divided by its population.
3. A complete ban on trade (imports and exports) in one or more products with a particular country.
4. This requires integration of economic policies in addition to the free movement of goods, services and factors of production across borders.
5. The least restrictive and loosest form of economic integration among nations.
6. Takeover of foreign companies by the host government.
8. This has the same features as a customs union. In addition, factors of production (labour, capital and technology) are mobile among members.