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12 ECON Vocab 19

study material economics CH 19 - Ponder

TermDefinition
soft loans loans that may never be paid back
cartel producers or sellers who act together to control prices
customs union agreement in which two or more countries abolish tariffs and trade restrictions and adopt uniform tariffs for nonmember countries
external debt money borrowed from foreign banks and governments
capital flight export of a nation's currency and foreign exchange
developing country country whose GNP is a fraction of an industrialized country
World Bank international corporation that makes loans and provides financial assistance to developing countries
International Monetary Fund international organization that advises nations on monetary and fiscal policies
population density number of people per square mile
default not repaying a debt
ASEAN ten-nation group of Asian nations working for regional peace and economic growth
zero population growth when the average number of births and deaths are in balance
European Union (EU) economic union of 16 nations
Expropriation taking over foreign property without making any payment in return
free-trade area agreement in which two or more countries reduce trade barriers and tariffs among themselves
Created by: breckart2
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