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ANDEAN COMMUNITY: The Andean Community (CAN) is a subregional organization endowed with an international legal status, which is made up of Bolivia, Colombia, Ecuador, Peru and Venezuela. The main objectives of the Andean Community are to promote the balanced and harmonious development of the member countries under equitable conditions, to boost their growth through integration and economic and social cooperation and to enhance participation in the regional integration process with a view to the progressive formation of a Latin American common market. The Andean Community started operating on August 1, 1997 with a General Secretariat, whose headquarters are in Lima (Peru), as its executive body.
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FREE TRADE: The absence of trade barriers, or restrictions on foreign trade. Based on the notion of comparative advantage, unrestricted trade is generally beneficial to a trading country. However, while consumers benefit through a greater selection of products and lower prices, producers in a country are on the receiving end of lower prices and stiffer competition. In that producers tend to have more political clout than consumers, completely, unhindered free trade is seldom seen in the real world. Numerous trade restrictions such as tariffs, nontariff barriers, and quotas are usually the rule of the day (also the rule of the week, year, decade and century). See also | foreign trade | trade barriers | comparative advantage | absolute advantage | competition | tariff | nontariff barrier | quota | second estate | exchange |
Recommended Citation:FREE TRADE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].
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PREFERENCES CHANGE, UTILITY ANALYSIS A disruption of consumer equilibrium identified with utility analysis caused by changes in the preferences for a good, which likely results in a change in the quantities of the goods consumed. The change in preferences alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for the happiest person in the room.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. " -- Larry Bird, basketball player
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WTO
World Trade Organization
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