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Social Science: Economy, impose regulations on consumers and firms.,…
Social Science: Economy
economic agents
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Definition: consumers, producers, and/or influencers of capital markets and the economy at large.
Major 4: "the rest of the world" such as foreigners, central bank, etc
international trade
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Disadvantage
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A threat to national security: over-dependence cause exporters can control the country more than national security
Over-dependence: citizen trust foreign products more, may cause an
unfavorable event
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is the exchange of capital, goods, and services across international borders or territories because there is a need or want of different goods or services each countries. was Recognized by Adam Smith and David Ricardo
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- impose regulations on consumers and firms.
- Taxing consumers & tax on producers such as alcohol and cigarettes.
- limit the power of monopoly firms