The _____ Is a Series of Rules Governing Trade That

question 60

Multiple Choice

The _____ is a series of rules governing trade that were first created in 1947 by 23 countries.

• A)Pacific Accord ^{HYPERLINK "http://en.wikipedia.org/wiki/List_of_free_trade_agreements" \l "cite_note-3#cite_note-3"}
• B)G-3 Free Trade Agreement
• C)General Agreement on Tariffs and Trade
• D)Southern Common Market
• E)North American Free Trade Agreement

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Definitions:

Labor And Capital

The two primary factors of production; labor represents human contribution, while capital includes tools, equipment, and technology used in production.

Minimize Production Costs

The process of reducing the expenses associated with manufacturing products or providing services without compromising quality.

Competitive Pressures

Forces that compel businesses to compete more effectively through pricing, innovation, and improved quality to gain or maintain market share.

Higher-Cost Producers

Firms that incur greater expenses in the production of goods or services compared to their competitors, often due to inefficiencies or higher input costs.