International Trade and Global Products

Tariffs Tax on an imported good The goal is to influence people to buy American made goods bc the foreign made goods would then be too high in price!

Treaty Formal agreements between governments of two countries Defense: if one country goes to war then the other would join and help

Foreign Trade President has power over trade Embargo: refusal to trade with a country

North American Free Trade Organization NAFTA North America, Canada, and Mexico can trade with each other Good: Increase economies Bad: take away jobs and send them to cheap labor sources

World Trade Organization WTO 149 countries are members of this Trade rules and help those economies that are just starting Bad: thought to only help those big corporations

European Union EU 15 countries belong Have a common currency

Balanced Trade When the amount of imports and exports is the same

Trade Deficit The value of products that a country imports is greater than the value of the exports

Trade Surplus When the value of the exports is greater than the value of the imports

Globalization Individuals and nations working together in business, technology, culture

Child Labor It is not acceptable to use child labor for businesses Restrictions on how long and what age they can work

Human Rights Basic freedoms and rights that all people should enjoy, right to safety, food, shelter