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Consumer Surplus
The distinction between what consumers are willing and financially capable of paying for a product or service, and the actual expenditure.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive, due to higher market prices.
Import Quota
A government-imposed limit on the quantity or value of goods that can be imported into a country, often used to protect domestic industries.
Tariff
A tax imposed on imported goods and services to increase their price and reduce competitiveness with domestic products.
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