EMORY model UN

 Here’s a simpler version of those definitions:

Most Favored Nation Principle (Nondiscrimination):
This is one of the main rules of the World Trade Organization (WTO). It means that a country has to treat all other WTO countries the same when it comes to trade. For example, if France gives lower taxes on products from the U.S., it has to offer the same deal to all other WTO countries like Botswana, Paraguay, or Sweden. There are a couple of exceptions, like special deals (free trade agreements) or help for poorer countries.

Tariff:
A tariff is a tax that a country puts on goods that come in (imports) or go out (exports). Countries do this to make money and to protect their local businesses from outside competition.

Quota:
A quota is a limit set by a government on how much of a product can be brought into (imported) the country during a certain time. It controls the amount or value of goods coming in.

Subsidy:
A subsidy is financial help from the government to a person, business, or group. In trade, governments often give subsidies to local businesses to help them compete with products from other countries.

Here’s a simpler version of those too:

Protectionism:
When a government makes rules to limit trade with other countries in order to protect its own businesses. Common ways they do this are by adding taxes (tariffs), limiting how much foreign stuff comes in (quotas), or giving money (subsidies) to local companies.

State-Owned Enterprises (SOEs):
These are businesses that are owned and run by the government. They often work in important areas like energy, transportation, or banking, and they act on behalf of the country.

Intellectual Property (IP):
These are things like ideas, inventions, brand names, or designs that belong to a person or company. They are protected by law so no one else can use them without permission. Since they aren’t physical objects, they can be tricky to protect and manage.