Examlex
The English music star Morrissey got his start in the band The Smiths, singing about radical vegetarianism and bisexuality in the 1980s. He was effeminate, bleak, and sarcastic. Today, his fan base has expanded far beyond the disaffected English teenagers who bought his original records. In fact, some of his most devoted fans are Hispanics in Southern California. How is it possible that British teenagers in the 1980s and Hispanic Californians can appreciate the same music?
Tariff
A tax imposed by a government on imported or exported goods.
Total Surplus
The sum of consumer and producer surplus, representing the total benefit to society from the production and consumption of goods or services.
Trade
The exchange of goods, services, or both between two or more parties.
Producer Surplus
The difference between the amount a producer is paid for a good or service and the minimum amount they are willing to accept for producing it.
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