Examlex
Behavior modeling involves showing trainees, or modeling, the right way of doing something, letting each person practice the right way to do it, and providing feedback regarding performance.
Efficient Nation
A country that utilizes its resources in the most productive way possible, maximizing output and welfare with minimal waste.
Comparative Advantage
The capacity of a person, business, or nation to provide a product or service with a smaller opportunity cost compared to rival entities.
World Trade Organization (WTO)
An organization of 164 nations (as of mid-2019) that oversees the provisions of the current world trade agreement, resolves trade disputes stemming from it, and holds forums for further rounds of trade negotiations.
Trade Deficits
A situation where the value of a country's imports exceeds the value of its exports.
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