Goods with a zero rate are goods that are exempt from value added tax (VAT).
Countries give products a zero rating because they are leading suppliers of other manufactured goods and an important component of the wider supply chain.
Often zero-rated goods and services are considered essential, such as food, hygiene items, and pet food.
Examples of zero-rated items include certain food and beverages, exported goods, equipment for the disabled, prescription drugs, water and sanitation services.
Autarky refers to a state of self-sufficiency and is commonly used to describe countries or economies that seek to reduce their dependence on international trade.
An absolute advantage is when a manufacturer can provide a greater quantity of a product or service for the same price or the same quantity at a lower price than its competitors.
The Americans with Disabilities Act (ADA) was passed in 1990 to prevent discrimination against people with disabilities in the workplace and in employment.
The balance of trade (BOT) is the difference between the value of a country’s imports and exports over a given period and is the largest component of a country’s balance of payments (BOP).