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N new trade theory The observed pattern of trade in the world economy may be due in part to the ability of firms in a given market to capture first-mover advantages. nonconvertible currency A currency is not convertible when both residents and nonresidents are prohibited from converting their holdings of that currency into another currency. norms Social rules and guidelines that prescribe appropriate behavior in particular situations. North American Free Trade Agreement (NAFTA) Free trade area between Canada, Mexico, and the United States. |
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