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International Trade
The exchange of goods and services across national borders, driven by the principle of comparative advantage.
Domestic Producer Surplus
The difference between what domestic producers are willing to accept for their goods versus what they actually receive, usually measured in the context of international trade.
Import Quota
A governmental limit on the quantity of a particular commodity that can be imported into a country.
Total Surplus
The sum of consumer and producer surplus, representing the overall benefit to society from the trading of goods and services.
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