Chapter 16
Misery Index)- How good someone is doing economically.
Advantages of International Trade- increased sales of goods!
Disadvantages of International Trade- Depeonds on the economy.
Globalization- Interaction within the people, companies and governments of different countries. 
Slavery could be involved with international trade
Use of Natural Resources is used to trade
Advanced Technology
based on unemployment
Unemployment led to unhappiness and not inflation
crime rate and misery index correlate
Technology has dramatically influenced trade
Globalization is very controversial
Many governments have adopted a free-market economic system
Protectionism- Restrains international trade
There are different types of tariffs
They can import Quotas
Protects local businesses and jobs
Collectivism- Theory that encourages state ownership and controls of production.
Privatization- Saves money
Farmers started collectivism
Privatization includes bad jobs
Privatization does not save money
NAFTA North American Free Trade Agreement created with Canada, Mexico and the United States.
Largest free trade agreement in the world
it reduced U.S Jobs
It was created 20 years ago. and Trump wants to get rid of it
European Union International organization made up of 28 European countries
The U.S is EU main trading partner
The UK is leaving the European Union
Run by 5 main bodies
Comparative Advantage producing something if they can produce it at a lower cost.
Depends on climate and soil to produce
Its good to use this when trading
Most straightforward case for free trade