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10 cards from this deck
Producing goods at lower opportunity cost than other countries
Taxes imposed on imports from other countries
Physical limits on quantities of imported goods allowed
Protect new industries while they develop economies of scale
Difference between what consumers willing to pay vs. actually pay
Difference between price received & minimum willing to accept
Selling surplus goods at price below cost in overseas markets
Pure economic inefficiency not captured by anyone
£49.4 billion
Machinery and transport equipment (£113 billion)
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