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Instructions: Identify the terms and briefly state their historical significance.
Genghis Kahn, Khubilai Kahn, and Helegu
Producer Surplus
The difference between the amount a producer is willing to accept for a good or service and the actual amount received by them when the good or service is sold.
Total Surplus
A combination of consumer and producer surplus that signifies the overall net advantage to society from the consumption and production of a good or service.
International Trade
involves the exchange of goods and services across international borders or territories.
Import/Export
The exchange of goods, services, and capital between different countries or territories, enhancing global economic interdependence.
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