Intro to Economics. AleX , Justin, MattheW , Ryan, Stella, TimothY , Tracey. Chapter 1: The Nature of Economics. Economics is the study of production, consumption, transfer of wealth, and how people choose to use their (scarce) resources in order to satisfy wants and maximize utility.
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AleX, Justin, MattheW, Ryan, Stella, TimothY, Tracey
Exports and imports of goods and services
Immigration and emigration between countries as well as production facilities that are placed in other countries
Information shared between multiple countries about products, prices, interest rates etc.
Technology created in America is sent to outside countries and vice versa
Money flow between countries
With more barriers, importers want less trade with the tariffing country and decreases competition
With less competition, there is a better market at home for the certain item and thus production of that item increases
Tariffs benefit people at home and make them more content with the government
A large tariff on all imports into America which led to retaliation tariffs which greatly damaged the world economy. Arguably led to the Great Depression
Decreased tariffs to relieve the Depression with two main features
Decreased tariffs up to 50%
All decreases in Tariffs would apply to other nations as well
Treaty between 23 countries based on three principles:
Equal, nondiscriminatory trade between member countries
Reduction of tariffs between member countries
Elimination of import quotas
GATT’s successor that included 145 nations and oversees trade agreements between members
A combination of 25 European countries (as of 2004) that made a trade bloc. A trade bloc is a group of countries having common identity, economic interests and trade rules. Led to unity among the European nations after WW II and the Cold War. Helped make the Euro
Established a completely free trade zone between America, Canada and Mexico