Good morning class, today we're learning about economic systems.
Instead of one person doing every aspect of a product each person does one step and become good at it so it can be done quicker making the product more common and cheaper.
When a product comes into a country it's called imports, and when product leaves a country it's called exports. Tariffs give additional tax to the product during shipping. Free trade zones are areas that you don't have additional tax.
Who are they talking to?
Taxes on our house is like expenses and we pay it with income we get from our job.