Examlex
Possessing a small portion of its land area in Europe and being a member of NATO ensures Turkey admission to the European Union (EU).
Domestic Price
The price of goods or services within a country's borders.
Efficient Nation
A country that utilizes its resources in the most productive way possible, maximizing output and welfare with minimal waste.
Comparative Advantage
The capacity of a person, business, or nation to provide a product or service with a smaller opportunity cost compared to rival entities.
World Trade Organization (WTO)
An organization of 164 nations (as of mid-2019) that oversees the provisions of the current world trade agreement, resolves trade disputes stemming from it, and holds forums for further rounds of trade negotiations.
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