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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.
Free-Trade Policies
Government policies aimed at reducing or eliminating barriers to trade between countries, such as tariffs and quotas, to encourage international commerce.
GATT
The General Agreement on Tariffs and Trade, a legal agreement between many countries, aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs or quotas.
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