Examlex
A simulation model is validated if it adequately depicts real system performance.
Domestic Price
The price of goods or services within a country's domestic market, as opposed to international or export prices.
Free Trade
Worldwide trade unencumbered by tariffs, quotas, or any form of regulatory constraints.
Frederic Bastiat
A French economist and author known for his theories on economics and his advocacy of free markets and limited government.
Economic Theory
A set of principles and concepts that helps in the explanation and prediction of economic phenomena.
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