Examlex
The pressure exerted by a gas on the container in which it is held varies inversely with the volume of the container. A pressure of 50 pounds per square inch is exerted on a container of volume 4 cubic feet. What is the pressure on a container whose volume is 10 cubic feet?
Comparative Advantage
The ability of a country or individual to produce a good or service at a lower opportunity cost than another entity, leading to more efficient trade.
Tariffs
Taxes on imported goods and services, imposed to raise revenue and/or protect domestic industries from foreign competition.
Import Quotas
Government-imposed limits on the volume of specific goods that can be imported, aimed at protecting domestic producers by controlling market supply.
Globalization
The integration of national economies into a worldwide economy.
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