What Is the Difference Between the GATT, the WTO, and the NAFTA

question 55

Essay

What is the difference between the GATT, the WTO, and the NAFTA?

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus, representing the total net benefit to society from a market transaction.

Deadweight Loss

The reduction of economic efficiency that happens when the free market does not achieve equilibrium for a particular good or service.

Tariff

A tax imposed by a government on goods and services imported from other countries to protect domestic industries from foreign competition.

Domestic Price

The price of goods or services within a country's borders, as opposed to international or export prices.