Changes Over Time Examples of Economic Unions Industrial systems (factories EU European Union – replaced cottage industries) NAFTA North American Free Trade – Migration from to urban areas Agreement Industrialized countries export labor ASEAN Association of Southeast – intensive work to developing nations Asian Nations Growth of trade alliances OPEC Organization of Petroleum – Growth of service industry Exporting Countries Growth of financial services networks and international banks Advantages of Economic Unions Internationalization of product More efficient industries assembly Access to larger markets Technology that allows instant Access to natural, human, and capital communication among people in resources without restrictions different countries Greater influence on the world Modern transportation networks market that allow rapid and efficient exchange of goods and materials Disadvantages of Economic Unions Widespread marketing of products Closing of some industries (Nike, Coke) Concentration of some industries in certain countries Agribusiness replacing family Difficulty in agreeing on common economic policies
Changes Over Time Industrial systems (factories replaced cottage industries) Migration from to urban areas Industrialized countries export labor intensive work to developing nations Growth of trade alliances Growth of service industry Growth of financial services networks and international banks Internationalization of product assembly Technology that allows instant communication among people in different countries Modern transportation networks that allow rapid and efficient exchange of goods and materials Widespread marketing of products (Nike, Coke) Examples of Economic Unions EU – European Union NAFTA – North American Free Trade Agreement ASEAN – Association of Southeast Asian Nations OPEC – Organization of Petroleum Exporting Countries Advantages of Economic Unions More efficient industries Access to larger markets Access to natural, human, and capital resources without restrictions Greater influence on the world market Disadvantages of Economic Unions Closing of some industries Concentration of some industries in certain countries Agribusiness replacing family Difficulty in agreeing on common economic policies
rv_geo_unitIV.docx