Examlex
What is a runaway icehouse effect?
World Price
The international market price at which goods are traded between countries; it plays a crucial role in determining local prices and trade policies.
Exported
Goods or services sent from one country to another for sale or trade.
Imported
Goods or services brought into one country from another for sale or use.
Producer Surplus
Producer surplus is the difference between what producers are willing to accept for a good or service and what they actually receive due to higher market prices.
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