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What is the difference between product markets and factor markets?
Quotas
Predetermined targets or minimums that individuals or organizations aim to achieve within a specific timeframe.
Trade Barrier
Any regulation or policy that restricts international trade, such as tariffs, quotas, or import bans.
WTO
The World Trade Organization, an international body that sets global rules for trade between nations to ensure trade flows smoothly, predictably, and freely.
Free Trade Arrangements
Agreements between countries that reduce or eliminate barriers to trade, such as tariffs and import quotas, to promote economic cooperation.
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