Examlex
The opportunity cost of a decision is the value of all of the available alternatives that were not chosen.
Adam Smith
A Scottish economist, philosopher, and author, often considered the father of modern economics known for his theories on free markets and the 'invisible hand' guiding economies.
Free Trade
An economic policy that allows imports and exports with little to no government tariffs, quotas, or subsidies, aiming to enhance global economic efficiency.
Balance of Trade
The difference in value between a country's imports and exports over a certain period, indicating how much more goods and services a nation exports than it imports.
Services
Intangible products such as consulting, banking, cleaning, and education that are consumed at the point of sale.
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