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Opportunity Cost
The forfeiture of potential benefits from other options when a particular choice is made.
Protective Tariffs
Tariffs imposed by a government to protect domestic industries from foreign competition by raising the price of imported goods.
Standard Of Living
The level of wealth, comfort, material goods, and necessities available to a person, group, or society.
Comparative Advantage
Comparative advantage is the ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.
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