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R regional economic integration Agreements among countries in a geographic region to reduce and ultimately remove tariff and nontariff barriers to the free flow of goods, services, and factors of production between each other. relatively efficient market One in which few impediments to international trade and investment exist. representative democracy A political system in which citizens periodically elect individuals to represent them in government. right-wing totalitarianism A political system in which political power is monopolized by a party, group, or individual that generally permits individual economic freedom but restricts individual political freedom, including free speech, often on the grounds that it would lead to the rise of communism. royalties Remuneration paid to the owners of technology, patents, or trade names for the use of same. |
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