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Social Studies Vocab

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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)
allows the free movement of goods and services between Canada, the US, and Mexico
North American Free Trade Agreement (NAFTA)
a global organization that deals with the rules of trade between nations
World Trade Organization
the rapid and unimpeded flow of capital, labor, and ideas across national borders
globalization
reduces trade barriers among its members. This regional free trade agreement has united its member nations into one economy.
European Union
limits the amount of exports or imports that move into or out of a country
quotas
taxes on certain imported goods
tariffs
nations attempting to control their trade with other countries
protectionism
when a country imports more goods than it exports
trade deficit
when a country exports more goods to a country than it imports
trade surplus
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
occurs when one nation has the ability to produce a good or service with less resources than another nation
absolute advantage
when a country can produce a product at which it is relatively more efficient (less cost) than other nations
comparative advantage
goods or services businesses sell to other countries
exports
goods or services bought from producers in other countries
imports
when a product is produced in one country and consumed in another

Ex: TV made in Japan and sold in Usa
International Trade
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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