Why trade internationally?
It makes all people and businesses in the world both potential customers.
Balance of Trade
The difference in value between exports and imports of a nation.
WTO (World Trade Organization)
Coalition of nations that makes rules governing international trade.
The valve that a nation gains by selling what it produces most efficiently.
Occurs when a country has natural resources or talents that allow it to produce an item at the lowest cost possible.
NAFTA (North American Free Trade Agreement)
International trade agreement among the United States, Canada, Mexico.
Europe’s trading bloc.
Are goods and services purchased from other countries.
Are goods and services sold to other countries.
Language and symbols, holidays and religious observances, and social factors.
A tax on imports.
Limits either the quantity or the monetary value of a product the may be imported.
Total ban on specific good coming into and leaving a country.
Tariffs, quotas, and embargos.