CONTENT STATEMENT
20. Trade agreements, multinational organizations, embargoes and protectionism impact markets.
CONTENT ELABORATION
The global economy is subject to the influence of local, national and international governmental actions.
Governments can influence and regulate trade through trade agreements and multinational trade organizations, such as:
trade agreements: North American Free Trade Agreement (NAFTA), General Agreement on Tariffs and Trade (GATT); and
multinational trade organizations: European Union (EU), Organization of the Petroleum Exporting Countries (OPEC).
Embargoes and protectionism policies such as sanctions and tariffs can be used to restrict trade.
EXPECTATIONS FOR LEARNING
Explain how international trade agreements and multinational organizations impact markets.
Evaluate the impact of embargoes and protectionism on markets.