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The time inconsistency of policy implies that
Merchandise
Goods that are bought and sold in commerce, particularly those related to retail trade.
Services
Intangible products that are consumed at the point of sale and do not result in ownership of physical goods.
Net Exports
The balance of a nation's trade, measured by subtracting its imports from its exports of goods and services.
Depreciation
The process of allocating the cost of a tangible or physical asset over its useful life, reflecting the decrease in value of an asset over time due to use, wear and tear, or obsolescence.
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