Examlex
Explain the origin and purpose of the World Trade Organization.
Acquire
To obtain ownership of something, such as a company purchasing another company or an individual acquiring an asset.
Self-Interest
The pursuit of personal gain or advantage, which is a fundamental economic assumption about human behavior.
Welfare
Welfare denotes governmental support aimed at ensuring the basic physical and material well-being of people, particularly those in need.
Complete Knowledge
Refers to a hypothetical situation where all participants in a market have full and perfect information about products, prices, and other market conditions.
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