1. International Trade and Global Products

2. 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!

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

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

5. 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

6. 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

7. European Union EU
15 countries belong
Have a common currency

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

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

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

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

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

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