Examlex
Explain what the GG-LL model tells us about the benefits of extensive trade between EU member states and comment on the significance of similarity of economic structure in this framework.
External Benefit
A positive effect or advantage that results from a transaction or activity but benefits a third party who is not directly involved in the transaction.
Social Value
The importance or worth of something to society, considering factors beyond mere economic gains, like environmental sustainability and social equity.
Private Cost
The cost that is borne by the individual who creates it, as opposed to society or others.
College Degree
A qualification awarded to students upon successful completion of a course of study in higher education, often representing a specific level of expertise in a particular field.
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