A free-trade zone is by definition “a place where trade is left to happen without tariffs(tax on imports/exports), quotas, or other restrictions”. An example of a free-trade zone is the European Union. There are no tariffs, quotas, or other restrictions placed on trading within the EU countries (they even share a currency). This allows for them to place products at a cheaper price for good quality and still get enough money to grow wealth within the different countries.
Effective decision-making means comparing the additional
costs of alternatives with the marginal benefits.
To add, <span>a </span>marginal benefit<span> is the additional satisfaction or utility that a
person receives from consuming an additional unit of a good or service.</span> It
is also the topmost amount he is willing to pay to consume that additional
unit of a good or service.
