manufacturing completely out of the country. Many people lost their jobs and most flat-panel display production

now occurs in countries other than the United States.

Access for free at openstax.org
20 • Key Terms 495

Key Terms

anti-dumping laws laws that block imports sold below the cost of production and impose tariffs that would

increase the price of these imports to reflect their cost of production

common market economic agreement between countries to allow free trade in goods, services, labor, and

financial capital between members while having a common external trade policy

disruptive market change innovative new product or production technology which disrupts the status quo in

a market, leading the innovators to earn more income and profits and the other firms to lose income and

profits, unless they can come up with their own innovations

dumping selling internationally traded goods below their cost of production
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