CXC Principles of Business Exam guide: Section 10: Regional and Global Business Environment

Explain the functions of major economic institutions and systems;

Major economic institutions and systems:

(a) Caribbean Community (CARICOM);

(b) Caribbean Single Market Economy (CSME);

(c) Caribbean Development Bank (CDB);

(d) World Bank;

(e) Inter-American Development Bank (IADB);

(f) Organization of Eastern Caribbean States (OECS);

(g) Organizatin of American States (OAS);

(h) Economic Commission for Latin American Countries (ECLAC);

(i) Association of Caribbean States (ACS);

(j) European Union (EU)

(k) World Trade Organization (WTO);

(l) Caribbean Basin Initiative (CBI);

(m) Organization of Petroleum Exporting Countries (OPEC);

(n) Eastern Caribbean Common Market (ECCM);

(o) North Amerian Free Trade Agreement (NAFTA)

(p) Caribbean Canadian Agreement (CARIBCAN)

(q) Free Trade Area of the Americas(FTAA)

Major economic problems in the Caribbean:

unemployment;

population density;

migration

debt burden;

sourcing captial and raw materials;

economic dualism in the region.

Outline possible solutions to economic problems in the Caribbean.

Possible solutions to economic problems:

(a) Access to foreign direct investment;

(b) development of human resources;

(c) development of the manufacturingsector