| A | B |
|---|
| Asia Pacific Economic Cooperation (APEC) | promotes trade and economic cooperation between 21 countries that border the Pacific Ocean |
| Bretton Woods | conference held in 1944 that led to the creation of the World Bank and the International Monetary Fund |
| Export Processing Zone (EPZ) | tax free zones like 'factory cities' typically found across Asia in which products for export are made. Characterized by low pay, long hours, and few opportunities for workers to organize |
| Free Trade Area of the Americas (FTAA) | trade agreement currently being negotiated to include all 34 countries of the Americas except Cuba |
| General Agreement on Tariffs and Trade (GATTS) | established in 1945 after the Second World War to manage world trade and raise living standards |
| G7 | an elite and closed group of countries that meet annually to discuss political and economic issues |
| dumping | occurs when a country sells good internationally at prices lower than their national market |
| agribusiness | a way of farming in which profit overrides food production |
| North American Free Trade Agreement (NAFTA) | agreement signed in 1995 by Canada, the US, and Mexico |
| globalization | world usually used to refer to the merging of world markets |
| maquila | refers to the factories that assemble imported component parts for re-export. Characterized by low wages, lack of environmental and labour regulations, low taxes |
| MERCOSUR | free trade block and customs union comprising of 4 South American countries |
| structural adjustment | a set of macro-economic policies imposed as a precondition for World Bank/International Monetary Fund loans |
| World Bank | a group that makes loans to 177 member countries |
| World Trade Organization (WTO) | an institution that replace GATTS and governs international trade |
| TNC | huge mutinational, transnational corporations whose annual sales are greater than the GDP of most countries |
| trade | the transfer of goods and services across borders |
| Marshall Plan | an economic recovery plan put forward in 1947 to help rebuild Europe after the end of World War II |
| International Labour Organization (ILO) | a UN agency which promotes internationally-recognized labour rights |
| intellectual property rights | rfers to making knowledge and ideas private |
