Please Define the Following Key Terms

question 120

Short Answer

Please define the following key terms
-Novus Ordo Secolorum

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Definitions:

Net Exports

The value calculated by subtracting a country's total value of imports from its total value of exports; positive net exports indicate a trade surplus, while negative net exports indicate a trade deficit.

Import Quota

This is a restriction by a country on the quantity of a good that can be imported, aimed at protecting domestic industries from foreign competition.

Tariffs Decreased

Refers to a reduction in taxes imposed on imported goods, which can lead to increased trade between countries and potentially lower prices for consumers.

U.S. Imports

Goods and services purchased by residents of the United States that are produced in and brought from other countries.