Examlex
-Summarize the sources of input to and output from the structures labeled number 2 in this illustration.
Free Trade
An economic policy that allows imports and exports between countries with minimal or no barriers to trade, such as tariffs or quotas, encouraging international commerce.
Imported
Brought into a country from abroad for the purpose of selling.
Net Welfare Loss
Describes the reduction in social welfare, often resulting from inefficiencies such as taxes, subsidies, tariffs, or monopolies, which distort market equilibrium.
Tariff
A tax imposed by a government on goods and services imported from other countries to protect domestic industries from foreign competition.
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