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NEEDS STANDARD: One of three basic income distribution standards (the other two are contributive standard and equality standard). The needs standard distributes income based on how many goods and services people require. A manual laborer, for example, who exerts more physical effort, would receive more income to buy more food that an office worker who burns fewer calories during the day. The U.S. welfare system primarily employs this needs standard when determining the poverty line and subsequent welfare payments.
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NAFTA: An abbreviation for the North American Free Trade Agreement, which is an 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 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. See also | international trade | foreign trade | tariff | nontariff barrier | labor union | trading bloc | General Agreement on Tariffs and Trade | Maastricht Treaty | common market | customs union | economic union | free-trade area | WTO |
Recommended Citation:NAFTA, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: November 15, 2025].
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UNLIMITED WANTS AND NEEDS A basic condition of human existence which means that people are never totally satisfied with the quantity and variety of goods and services the consume. It means that people never get enough, that there's always something else that they would want or need. Unlimited wants and needs are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for malfunctioning pocket calculators.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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