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Explain Weber's notion of Verstehen and its significance to the discipline of sociology.
International Trade
The exchange of goods and services between countries.
Trade Balance
The difference between the monetary value of a nation's exports and imports over a certain timeframe.
Free Markets
Economic systems in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.
Joseph Stiglitz
An American economist and professor known for his work on income distribution, risk, and information economics, and a recipient of the Nobel Memorial Prize in Economic Sciences.
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