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Which of the following is a characteristic of collective behavior?
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.
NAFTA Treaty
The North American Free Trade Agreement, a treaty among the United States, Canada, and Mexico designed to remove tariff barriers between the three countries and facilitate the free flow of goods and services.
Trade Balance
The difference between a country's exports and imports over a certain period, indicating the net earnings from trade.
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