Economic Issues After World War II

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What is the European Union (E.U.)?

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An organization that includes 27 countries in Europe, aimed at increasing trade and economic prosperity by decreasing tariffs and using a single currency called 'The Euro.'

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What is the North American Free Trade Agreement (N.A.F.T.A.)?

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An organization that includes the United States, Canada, and Mexico, aimed at increasing trade by decreasing tariffs between these countries.

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What do the E.U. and N.A.F.T.A. exemplify?

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Economic cooperation and interdependence, where countries work together and rely on each other.

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Why is oil important in global politics?

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Oil is one of the world's most important natural resources, and its abundance in the Middle East has led to wealth and influence in the region.

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What is the Organization of Petroleum Exporting Countries (O.P.E.C.)?

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An organization created by the main oil-producing countries to determine the price of oil and production levels.