Identify the Following Terms

question 106

Short Answer

Identify the following terms:
Goh Chok Tong's "kinder, gentler" Singapore

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Definitions:

Competitive Disadvantage

A condition where a company or country is not able to compete effectively with others due to inferior resources, skills, or capabilities.

Protective Tariff

A tax imposed on imports to protect domestic industries from foreign competition.

Excise Tax

A specific tax imposed on certain goods, products, or activities, usually to discourage consumption or to raise revenue.

Comparative Advantage

An economic theory that describes how a country or entity can produce goods and services at a lower opportunity cost than others.