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There is very evident contemporary trend towards service-based economy in the developed and developing world. This has especially manifested in North America, where the most GDP production by sector is concentrated in services from each country (CIA Factbook). Each country has a great deal of services to logistically support the population and economy, but the gains come from the good exploitation of relative efficiency from availability of resources or inputs to use of innovation and technology to expertise and education. The general exchange of goods and services has lead to areas of specialization determined by market advantages. Each country has their set of goods and services to which they hold a competitive advantage. With free trade under NAFTA, terms of trade are negotiated through companies and market prices, and trading nations get goods cheaper from the other cheaper than they could under autarky. The first step in understanding the trade implications and trends......

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Approximate Word Count: 793
Approximate Pages: 4 (250 words per double-spaced page)

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