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Tariff
A tax imposed by a government on goods and services imported from other countries.
Comparative Advantage
The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than other producers.
International Trade
The exchange of goods, services, and capital between countries and territories, allowing for greater variety of consumption and efficiencies in production.
Productive
Refers to the ability of an individual, company, or economy to produce goods or services efficiently and effectively.
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