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Nobel Prize -any of six international prizes awarded annually for outstanding work in physics, chemistry, physiology or medicine, literature, economics, and the promotion of peace. The Nobel Prizes, first awarded in 1901, are decided by members of Swedish learned societies or, in the case of the peace prize, the Norwegian Parliament.
Gross Domestic Product -the total value of goods produced and services provided in a country during one year.
A tariff is a tax imposed by a government of a country or of a supranational union on imports or exports of goods.
Economic freedom is the fundamental right of every human to control his or her own labor and property.
Incentive -a payment or concession to stimulate greater output or investment.
Innovation -a new method, idea, product, etc.
Zero-sum is a situation in game theory in which one person's gain is equivalent to another's loss, so the net change in wealth or benefit is zero.
Demand -an insistent and peremptory request, made as of right.
Market share shows the size of a company, a useful metric in illustrating a company's dominance and competitiveness in a given field.
Early adopter-an individual or business who uses a new product, innovation, or technology before others.
Productivity -the effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input.
Explanation:
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