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!!