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Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit received from the purchase.
World Price
The international market price of a good or service, influenced by global supply and demand.
Free Trade
An economic policy that allows goods and services to be bought and sold across international borders with little to no government tariffs, quotas, subsidies, or prohibitions to inhibit exchange.
Consumer Surplus
The contrast between the potential payment by consumers for a product or service and their real expenditure.
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