Chapter1: Making Economics Decisions
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
Transcribed Image Text:Why is economic freedom an important factor to consider when analyzing a country's economic
development, performance, and potential?
Describe the three ways economies can be categorized.
What is international business? What are the primary reasons that companies engage in
international business?
What are the disadvantages and backlash when a country imposes import restrictions in regard
to creating domestic employment opportunities?
What is the difference between the free trade theories of absolute advantage and comparative
advantage? How can free trade improve global efficiency?
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