Examlex
To ratify an agreement a principal must know:
Absolute Advantage
The ability of an entity to produce a good or offer a service more efficiently than its competitors, using fewer resources.
Trade
The action of buying and selling goods and services among parties, which can occur within a country (domestic) or between countries (international).
Tariff
A tax imposed on imported goods to increase their price, intended to protect domestic industries.
Imported Good
A product or service brought into one country from another for the purpose of sale.
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