Examlex
On a certain map, 1 inch represents 15 miles. If two cities are 5 inches apart on the map, find the number of miles between the cities.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.
Free Trade
An economic policy that allows goods and services to be traded between countries with few or no barriers such as tariffs or quotas.
Autarky
An economic system of self-sufficiency where a country or region attempts to produce everything it needs without engaging in international trade.
Total Surplus
The sum of consumer surplus and producer surplus, representing the total net benefit to society from the production and consumption of a good.
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