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Pat studies in order to get good grades and to receive praise. Kelly studies so that her mother will stop nagging her, and to avoid failing. What is the difference between Pat's and Kelly's behaviour?
Protectionism
A government policy to protect domestic industries and producers by restricting international trade, often through tariffs and quotas.
Trade Imbalances
A situation where there is an unequal value of imports and exports between two countries, leading to a surplus or deficit in trade relationships.
Tariffs
Taxes imposed on imported goods and services, often used to protect domestic industries from foreign competition.
Comparative Advantage
A theory that suggests a country should specialize in producing and exporting goods and services for which it has the lowest opportunity cost.
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