Ch 3 Business in the Global Economy

also known as an economic community

key function is to provide economic aid to less-developed countrie

A country's infrastructure refers to its climate and natural resources

did away with tariffs on goods traded among the member countries

the value of currency in one country compared with the value of currency in anothe

Primary effects on a country’s level of economic development are literacy level, agricultural,

NAFTA is an agreement created by the United States, Mexico, and Canada

maintains a system of world trade and exchange rates

created after World War II to provide loans for rebuilding

Supply and demand affect the exchange rate

settles trade disputes and enforces free-trade agreements between member countries

Licensing has a low financial investment and a high potential financial return.

When a country can produce a particular good or service at a lower cost than other countries

Tariffs on certain goods are used to restrict free trade

Making, buying, and selling goods and services within a country