Examlex
Explain how a "leaky bucket" can be used to illustrate the utilitarian argument that governments should not attempt to completely equalize individual incomes.
Consumer Surplus
The variance between the amount consumers are ready to pay for a good or service compared to the actual price they pay.
International Trade
the exchange of goods and services across international borders or territories.
Autarky
An economic system where a region or country is self-sufficient and does not engage in international trade.
Consumer Surplus
The discrepancy between what buyers are willing to offer for an item or service and the price they actually pay.
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