Examlex
What is the difference between exporting and importing? What are the unique characteristics of service exports and service imports?
Deadweight Loss
The loss of economic efficiency that can occur when equilibrium for a good or service is not achieved.
Tariff
A tax imposed by a government on imported goods, often used to protect domestic industries and to raise government revenue.
Total Surplus
The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of goods and services.
World Price
The international market price of a good or service, influenced by factors like supply and demand, tariffs, and trade agreements.
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