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Tariff
A tax imposed by a government on goods and services imported from other countries to raise state revenue or to protect domestic industries.
Total Surplus
The total net gain to consumers and producers from trading in a market, represented by the sum of consumer and producer surplus.
Employment
The condition in which an individual who is capable of working is engaged in a paid job.
Small Country Assumption
An economic model assumption that a country's market size is small enough that its actions do not affect world prices or incomes.
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