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| an effort among its 130 member countries to expand world trade and improve international trade relations |
General Agreement on Tariffs and Trade (GATT) |
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| allows the free movement of goods and services between Canada, the US, and Mexico |
North American Free Trade Agreement (NAFTA) |
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| a global organization that deals with the rules of trade between nations |
World Trade Organization |
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| the rapid and unimpeded flow of capital, labor, and ideas across national borders |
globalization |
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| reduces trade barriers among its members. This regional free trade agreement has united its member nations into one economy. |
European Union |
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| limits the amount of exports or imports that move into or out of a country |
quotas |
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| taxes on certain imported goods |
tariffs |
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| nations attempting to control their trade with other countries |
protectionism |
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| when a country imports more goods than it exports |
trade deficit |
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| when a country exports more goods to a country than it imports |
trade surplus |
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the difference between the value of two components of a nation's balance of payments, its imports and exports
Ex: US - 5 million <-- ?
Canada - 2.5 million
Mexico - 1.5 million
Japan - 1 million |
balance of trade |
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| occurs when one nation has the ability to produce a good or service with less resources than another nation |
absolute advantage |
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| when a country can produce a product at which it is relatively more efficient (less cost) than other nations |
comparative advantage |
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| goods or services businesses sell to other countries |
exports |
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| goods or services bought from producers in other countries |
imports |
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when a product is produced in one country and consumed in another
Ex: TV made in Japan and sold in Usa |
International Trade |
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when the producers and buyers are located in the same country, their transactions are domestic
Ex: pears grown in Oregon are marketed in Ohio |
Domestic Trade |
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