Economic Union$Geography WG.9d

O’Leary- Riverbend High School

As a Global Society, the world is increasingly interdependent

Economic interdependence fosters the formation of economic unions.

Advantages of Economic Unions

More efficient industriesAccess to larger marketsAccess to natural, human, & capital resources without restrictionsGreater influence on world market

Disadvantages of Economic Unions

Closing of some industriesConcentration of some industries in certain countries, leaving marginal areas behind (undeveloped)Agribusiness replacing family farmsDifficulty in agreeing on common economic policies.

Examples of Economic Unions

NAFTA (North American Free Trade Agreement) EU (European Union)ASEAN (Association of Southeast Asian Nations)OPEC (Organization of Petroleum Exporting Countries)

NAFTA (North American Free Trade Agreement)

NAFTA went into effect on Jan 1, 1994.It links Canada, the US, and Mexico in a free trade “sphere” or group. called to eliminate duties on 1/2 of all U.S. goods shipped to Mexico & phasing out other tariffs (fees) over 14 years. Trade Restrictions were to be removed from many categories, including motor vehicles and automotive parts, computers, textiles, and agriculture.

www.wikipedia.com

Label your Map

Did you get them Right?

http://encarta.msn.com/map_701609596/North_American_Free_Trade_Association_(map_of_member_cou

ntries).html

NOW

LABEL

YOUR

MAP

EU (European Union)There are 25 member countries across EuropeDomestically, they attempt to lower trade barriers, adopt a common currency, and move toward convergence of living standards. Internationally, the EU aims to bolster Europe's trade position and its political and economic power.

LABEL YOUR MAP NOW

Did you get them all right?

http://www.cia.gov/cia/publications/factbook/geos/ee.html

ASEAN (Association of Southeast Asian Nations)

This is a free trade agreement among Asian countries-similar to NAFTA

NEXT? YOU GUESSED IT:LABEL YOUR MAP

You have the hang of it now!

http://www.mapsofworld.com/world-aseanmember-map.htm

OPEC (Organization of Petroleum Exporting

Countries)

OPEC's member countries hold about 2/3 of the world's oil reserves. They supply 40% of world's oil production & 1/2 of the exports.The Organization now has 11 Member Countries LABEL YOUR MAP

GREAT JOB!!