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A friend tells you that putting a small cardboard pyramid under your bed as you sleep at night will enhance your "psychic energy" and give you "inner peace." Pseudoscientific claims like this:
World Trade Organization
An intergovernmental organization that regulates international trade with the aim of ensuring that trade flows as smoothly, predictably, and freely as possible.
Trade Barriers
Measures such as tariffs, quotas, and regulations that governments use to control the amount and type of goods and services imported or exported.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, underpinning international trade theories.
Absolute Advantage
The ability of an entity to produce a good or service at a lower cost per unit than other competitors using the same amount of resources.
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