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The handing down of political practices and religious customs from one generation to the next best illustrates the importance of
Economic Integration
Occurs when two or more nations join to form a free-trade zone.
Free-Trade Zone
A specific area within a country where goods may be imported, handled, manufactured, or reconfigured without direct intervention by the customs authorities, often to encourage trade and investment.
Acquired Comparative Advantage
An advantage gained by a country or firm through learning, innovation, and investment, as opposed to natural endowments.
Quota
A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported.
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