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¿What is the Gross Domestic Product?
This is the total amount of goods and services produced in a country during a given period of time. It includes production generated by national residents in the country and foreignes resident within the country but excludes production of nationals resident abroad.
¿What is the Gross Domestic Product deflactor?
It is the most general indicator of inflation and deflation, because it takes into account all the prices of final goods and services produced in an economy.
• It is a very complete measure.
• And it is a very refined calculation because it includes not just final production in such a way that it eliminates duplications generated by certain products that act as inputs in the production of others during the same period to which the indicator refers. As can be seen, it is an index which requires much labor in the consolidation of the economic activity which took place in the various sectors of the system.
¿What is the European Union Treaty?
This treaty seeks to constitute a Community which goes beyond the creation of a common market, for it pretends to seek political, economical and monetary union of all the countries that are part of it. The members of the Europen Union are the following: Germany, Austria, Belgium, Luxemburg, Denmark, France, Greece, Ireland, Italy, Holland, United Kingdom, Spain, Portugal, Finland and Sweden. In the future, this treaty can be extended to other European countries, included certain countries in Eastern Europe which have began to consolidate democratic systems and market economies.
¿What is the North America Free Market Treaty?
This treaty, which includes Canada, Mexico and the United States, seeks to conform a common market with the free circulation of merchandises, services and capitals, including a bigger opening in investment opportunities. This treaty can be considered as a precursor of the development of the "Initiative for the Americas" proposed in 1989 by the then United States President, George Bush, with the purpose of creating a free market zone in the American hemisphere, from Alaska to the Patagonia.
¿What is the Latin American Integration
Association?
This associtaion brings together the countries of Latin America and has been in existance since the begining of the sixties. Given the difficulties in achieving progress in a scheme which involves countries of very diverse sizes and degrees of economic progress, at present it limits itself to act as the framework for the signing of "bilateral agreements of partial scope" by which countries adopt certain margin of preferential tariffs (percentage reduction on the tariff for given lists of products). Besides, a scheme has been developed which facilitates payments for interregional trade (credit and reciprocal payment agreements) and a few agreements on economic complementation.
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