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NORTH AMERICAN FREE TRADE AGREEMENT: A economic, international trade treaty between the three nations that occupy the North American continent -- Canada, Mexico, and the United States -- that was launch in 1994. The North American Free Trade Agreement, commonly termed NAFTA, is designed to eliminate assorted trade barriers between Canada, Mexico, and the United States, including the reduction or elimination of many tariffs and nontariff barriers. While economic theory clearly indicates efficiency is enhanced by the reduction and elimination trade restrictions, NAFTA has been strongly opposed by those potentially harmed by more efficient trade, especially labor unions. However, NAFTA is merely one of several international trade agreements created over the years to reduce trade restrictions. Others include the General Agreement on Tariffs and Trade and the Maastricht Treaty.
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"I shall do less whenever I shall believe what I am doing hurts the cause and I shall do more whenever I shall believe doing more will help the cause. I shall try to correct errors when shown to be errors and I shall adopt new views so fast as they shall appear to be true views. " -- Abraham Lincoln, 16th US president
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OBX
Oslo Stock Exchange (Norway)
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