| Term | Definition |
|---|
| Economic Reasons Why do Governments Intervene | Unemeployment, infant industry argument, industrialization argument, balance of payments, Comparable Access, Restrictions as a Bargaining Tool, Price Control Objectives |
| Non-Economic Reasons Why do Governments Intervene | Maintenance of essential industries, prevention of shipments to unfriendly countries, Maintenance of Sphere of Influence, protecting national identity |
| Tools of Trade Control | Tariffs, Subsidies, Aids and Loans, Customs Valuation, Quotas, Buy Local Legislations, Standards and Labels, Specific permissions requirements, Administrative delays, Reciprocal requirements, restrictions on services business |
| Levels of Regional Integration | Free Trade Area, Customs Union. |
| Free Trade Area | No tariffs between members - each own tariffs with non-members |
| Customs Union | No internal tariffs-Same external tariffs |
| Common Market | Custom Union plus factors of production free to move |
| Complete Economic Integration | Common market plus policy, money |
| Effects of Integration | Increases regional trade but decreases global trade, Better Environmental policies, Better legal systems, Increase in Conflicts between regions, |
| World Trade Organization | 144 Members Countries |
| 3 Primary Goals | Promote trade by encouraging nondiscriminatory-predictable trade policies, reduce trade barriers through multilateral negotiations, Establish impartial procedures for resolving trade disputes, Enforcement through arbitration and allowiing 1 round of retaliation, |
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