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• GATT (General Agreement on Tariffs and Trade) is the actual treaty that
governs the WTO.
1. Balance of Trade: is total economic value of all the products that it exports
minus the economic value of all the products that it imports.
• Positive balance of trade: country’s Export > Imports (Enjoys Trade surplus)
• Negative balance of trade: Country’s Import > Exports (Suffers Trade deficit)
• Absolute Advantage
• Comparative advantage.
• National competitive Advantage
B. Economic Differences
• When trading with different types of economic systems, firms must
be aware of the level of government involvement in a given industry.