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Trade between two agents or countries allows the countries to enjoy a higher total output and level of consumption than what would have been possible domestically. ... Comparative advantage and opportunity costs determine the terms of trade for exchange under which mutually beneficial trade can occur.
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Administrative law is the law that governs the administrative actions. ... It governs the executive and ensures that the executive treats the public fairly. Administrative law is a branch of public law. It deals with the relationship of individuals with the government.
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Federalism limits government by creating two sovereign powers the national government and state governments thereby restraining the influence of both.
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