1. Free Trade Associations Also called Free trade Areas Or “Trade Blocs”

2. Tariffs & Restrictions When the prices for goods produced in another country are so low that people who make the same thing within a country would lose their jobs The country may decide to protect its people and their jobs by Taxing the good when it enters the country so much that the price will be higher… a tariff limit the amount of goods that can come from the other country… a trade restriction

3. The argument for free trade Capitalist economists argue that tariffs and restrictions are bad because they limit the free market. Eliminating tariffs and trade restrictions allows the free market to make the economies more efficient While a few may lose their jobs many more will be created Most countries try to balance protections and free trade.

4. The Free Trade Associations or Areas All over the world groups of countries have agreed to eliminate tariffs and restrictions on trade between them in the hope of building stronger economies. These groups are usually countries in the same area with similar economies Buy establishing free trade within the group the economies of the different countries combine into a bigger economy.

5. A Few Free Trade Areas or “trade blocs” Here are some of the larger such ‘trade blocs”: The European Union or “EU” The North American Free Trade Association or NAFTA South Asia Free Trade Agreement or SAFTA Greater Arab Free Trade Area or GAFTA These are just a few of the most important ones.