Outline the Major Steps in the Lawmaking Process

question 7

Essay

Outline the major steps in the lawmaking process.

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Definitions:

Trade Restrictions

Measures such as tariffs, quotas, and embargoes imposed by governments to control the amount of trade across its borders, affecting how countries import or export goods and services.

Domestic Producers

Manufacturers or suppliers that produce goods or services within a country's borders, contributing to the domestic economy.

Foreign Competitors

Companies based in another country that compete in the same market as domestic firms, often influencing pricing, innovation, and market share.

NAFTA

The North American Free Trade Agreement, a treaty entered into by the United States, Canada, and Mexico; it aimed at eliminating trade barriers between the three countries.