Exports are goods/services sold to other countries. Exporters sell products, importers purchase them. Exports provide access to global marketplace
Sector is an area of economy where businesses share similar activities. Economists use sectors to analyze economic activity and growth. Financial markets divide sectors into investment sectors
Economic growth is an increase in production of goods and services. GDP is the most common measure of economic growth. Growth can be measured in nominal or real terms
NAFTA established free trade between US, Canada, and Mexico in 1994. Agreement eliminated most tariffs between three countries. Two side agreements addressed labor and environmental standards. USMCA replaced NAFTA in 2020
Founded in Vienna in 1871 by Carl Menger, Eugen Böhm-Bawerk, and Friedrich von Wieser. Opposed Historical school in late 19th-century Methodenstreit dispute. Named after Gustav von Schmoller, who criticized Austrian school as provincial
Cooperative is voluntary association of people meeting common needs through democratically-controlled enterprise. Members have one vote in board elections, unlike top-down collectives. Cooperatives follow seven Rochdale Principles including voluntary membership and democratic control