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Chapter 16 (Misery Index (the sum of the monthly inflation and…
Chapter 16
Misery Index
the sum of the monthly inflation and unemployment rates. The 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
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International Trade
Advantages
-Enhances the domestic competitiveness
-Takes advantage of
-international trade technology
-Increase sales and profits
-Extend sales potential of the existing products
-Maintain cost competitiveness in your domestic market
Disadvantages
-Exploitation of importing country
-Countries export harmful products to other countries
-Domestic turbulence
-Unemployment and local small manufacturers going out of business
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NAFTA
The North American Free Trade Agreement is a regulation implemented January 1, 1994 in Mexico, Canada and the United States to eliminate most tariffs on trade between these nations.
European Union
s a political and economic union of 28 member states that are located primarily in Europe.
The EU has developed an internal single market through a standardized system of laws that apply in all member states.
Comparative Advantages
the ability of an individual or group to carry out a particular economic activity more efficiently than another activity.