List and Describe Three Types of Validity and Give an Example

question 12

Essay

List and describe three types of validity and give an example of each.

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Definitions:

International Trade

The exchange (trade) of goods and services across international borders.

Trade Barriers

Measures that governments or public authorities introduce to restrict or impede international trade and competition, such as tariffs, quotas, and regulations.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than competitors, leading to more efficient international trade.

Capital Goods

Long-term assets acquired by businesses to create goods and services; these include machinery, tools, and buildings.