Examlex
An initial consequence to the patronage system was to make the American bureaucracy
Standard Of Living
The level of wealth, comfort, material goods, and necessities available to a person, group, or society.
Comparative Advantage
Comparative advantage is the ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.
Tariff
A tax imposed by a government on goods and services imported from other countries, to regulate trade and protect domestic industries.
Protectionism
The economic policy of restricting imports from other countries through methods like tariffs and quotas to protect domestic industries.
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