Examlex
Simplify. Write the answer using positive exponents only.
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Free Trade
An economic policy that allows goods and services to be traded between countries with few or no barriers such as tariffs or quotas.
Autarky
An economic system of self-sufficiency where a country or region attempts to produce everything it needs without engaging in international trade.
Total Surplus
The sum of consumer surplus and producer surplus, representing the total net benefit to society from the production and consumption of a good.
International Trade
The exchange of goods, services, and capital between countries and territories.
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