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Worldwide Trade

sweatshopssubstandard factories
multinational corporationsbusinesses that have operations in several nations
quotasa limited amount of imports are allowed to enter the country
NAFTAa trade agreement tha will limit trade barriers in North America
GATTan international trade organization that sets standards
infrastructureroads, electricity and other basic facilities
World Trade Organizationsettles disputes between trade partners
Mercosura South American trade organization
European Uniona European trade organization
tariffa tax on imports
globalizationworldwide trade
gross domestic productthe total sum of goods and service producted in a year
Third Worldnations that are trying to develop their economies
developed nationsnations whose economies are technologically advanced
market systeman economic system in which consumers play a major role
command systeman economic system in which government makes decisions
importsgoods brought into a country
exportsgoods sold outside the country
trade barrierspolicies that discourage trade
socialisman economic system in which the voters help government decision making

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