Examlex
______ can be considered a type of external validity.
Producer Surplus
The difference between what producers are willing to sell a good for and the market price they actually receive, representing their net benefit.
Free Trade
International trade left to operate without tariffs, quotas, or other restrictions, allowing for the unrestricted exchange of goods and services between countries.
Autarky
A condition in which an economy is self-sufficient and does not engage in international trade.
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total benefits to society.
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