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Positive and negative sign tracking and the law of effect
Free Trade
An economic policy that allows imports and exports among member countries with little to no tariff barriers, quotas, or subsidies.
Total Output
Total output refers to the total quantity of goods and services produced within an economy at a given time period, reflecting the aggregate production level.
Comparative Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors.
International Trade
The movement of goods and services across national boundaries or territories for trade purposes.
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