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The prime minister of Piedmont, Cavour, shared in the new, post-1848 realism, which meant that:
Import Tariffs
Taxes imposed by a government on goods and services imported from other countries to protect domestic industries from foreign competition or to generate revenue.
Comparative Advantage
The capacity of a person, business, or nation to manufacture a product or deliver a service with a smaller opportunity cost than that of their rivals.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, technology).
Trade Protection
Measures implemented by governments to regulate international trade and protect domestic industries from foreign competition.
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