Economics Theme 3

1. Free trade areas are groups of countries that trade completely freely with each other, with no trade barriers, but each member country has its own independent trade policies with the rest of the world. (4, 5, 5)
4. Wealth consists of accumulated assets, including bank deposits, shares, property and businesses. (6)
6. Trade blocs are groups of countries where barriers to trade are reduced or eliminated between member states. (5, 4)
7. Commodities are raw materials that are traded in bulk and are not recognizably originating from any business. (11)
9. Aid is given by both governments and NGOs to countries that are struggling to reduce poverty or deal with disasters. (3)

2. Diversifying means selling more than one product, or the same product in more than one market.If one market shrinks, profits can still be made with other products or in other markets. (12)
3. Corporate culture is the set of important assumptions that are shared by people working in a particular business and influence the ways in which decisions are taken there. (9, 7)
5. Common markets have completely freee trade internally and a single unified trade policy covering all member countries' trade with the rest of the world. (6, 6)
8. Tariffs are taxes on imported goods. They make the price higher; sales will generally be lower. (7)
10. Inequality refers to the difference in incomes and wealth within societies. The US and Latin countries have unequal disparities in income and wealth. (10)

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