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Chapter 16 (Globalization vs. Protectionism ( PRO: Free trade enriches…
Chapter 16
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Misery Index
Helps determine how the average citizen is doing economically and it is calculated by adding the seasonally adjusted unemployment rate to the annual inflation rate.
Economic indicator, created by economist Arthur Okun.
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Nafta
A three-country accord negotiated by the governments of Canada, Mexico, and the United States that entered into force in January 1994.
It was signed into law by President Clinton on December 8, 1993.
For the purpose of removing barriers to the exchange of goods and services among the three countries.
European Union
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Has delivered more than 60 years of peace, stability, and prosperity in Europe, helped raise our citizens’ living standards.
Launched a single European currency (the euro), and is progressively building a single Europe-wide free market for goods, services, people, and capital.
Comparative Advantage
The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
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An economic law referring to the ability of any given economic actor to produce goods and services at a lower opportunity cost than other economic actors.