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The Term __________ Refers to the Unrestricted International Exchange of Goods

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The term __________ refers to the unrestricted international exchange of goods, services, and capital.


Definitions:

Elasticity of Resource Supply

A measure of how responsive the quantity supplied of a resource is to a change in price.

Elasticity of Product Demand

The degree to which the demand for a product changes in response to a change in its price.

Labor Costs

The total expenditure by businesses for paying their employees, including wages, benefits, and taxes.

Labor-Intensive

A process or industry that requires a large amount of labor relative to capital in its production processes.

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