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Definition
| national self-sufficiency; no economic interaction with foreigners |
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Definition
| how much of one good exchanges for a unit of another good |
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Definition
| the price at which a good is traded on the world market; determined by the world demand and world supply for the good |
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Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| an international tariff-reduction treaty adopted in 1947 that resulted in a series of negotiated "rounds" aimed at freer trade; the Uruguay Round created GATT's successor, the World Trade Organization (WTO) |
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| selling a product abroad for less than charged in the home market or for less than the cost of production |
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| the final multilateral trade negotiation under GATT; this 1994 agreement cut tariffs, formed the World Trade Organization (WTO) and will eventually eliminate quotas |
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| World Trade Organization (WTO) |
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Definition
| the legal and institutional foundation of the multilateral trading system that succeeded GATT in 1995 |
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Term
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Definition
| the multilateral trade negotiation round launched in 2001, but still unsettled as of 2007; aims at lowering tariffs on a wide range of industrial and agricultural products; the first trade round under WTO |
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