Overview
International trade and development are crucial for the economic growth of nations. By engaging in trade, countries can specialize in producing goods they are efficient at, leading to increased productivity and economic benefits. Trade agreements and policies play a significant role in shaping the l...
Key Terms
Example: Countries may impose tariffs to protect local industries.
Example: A country may set a quota on the number of cars imported each year.
Example: Country A has a comparative advantage in producing wine over textiles.
Example: NAFTA is a free trade agreement between the U.S., Canada, and Mexico.
Example: Globalization has led to more international businesses operating worldwide.
Example: The WTO helps resolve trade disputes between member countries.