Removing rules and regulations on businesses.

Opening up markets to foreign competition.

Selling government-owned assets to private companies.

Cutting government spending to reduce budget deficits.

Reducing barriers to international trade, such as tariffs.

Using interest rates to manage the economy.

Organizations that operate above individual countries, where member states give up some sovereignty.

Taxes on imports.

The process of countries reducing trade barriers and coordinating economic policies.

Factories in Mexico that assemble imported materials and export finished products.

Comparative advantage is about lower opportunity cost; complementary advantage is about combining strengths.

EU is a regional organization for European integration; WTO sets rules for global free trade.

NAFTA was a free trade agreement; the EU is a more comprehensive economic and political union.

Developed countries may experience increased trade and job displacement; developing countries may see growth of maquiladoras and worker exploitation.

Consumers benefit from lower prices and greater choice; producers may face increased competition and reduced profits.

Mercosur aims for economic integration in South America; OPEC coordinates petroleum policies to influence global oil prices.

IMF provides financial assistance to countries in need; World Bank focuses on long-term development and poverty reduction.

Deregulation reduces costs and increases flexibility; regulation ensures standards, consumer protection, and fair competition.

Benefits include increased efficiency and innovation; drawbacks include reduced access and higher costs.

Developed economies may see increased specialization and higher value-added production; developing economies may face challenges in competing with established industries.

Free markets and less government intervention in the economy.

A country's ability to produce a good at a lower opportunity cost than another country.

When two countries benefit from each other's unique production capabilities through trade.

Countries relying on each other for economic success.

The principle that each state has exclusive control over its own territory and domestic affairs.

To promote economic, political, and social integration within a specific geographic area.

To create a single market among member countries with free movement of goods, services, capital, and labor.

To reduce barriers to trade between countries, promoting increased economic activity.

Often criticized for increasing inequality, as benefits may not be evenly distributed.

Can lead to increased competition, potentially harming less efficient domestic industries.