Trade and Commerce

Tariffs: These are taxes imposed on imported goods. They're like entrance fees you have to pay before entering certain shops.

Free Trade Agreement (FTA): An agreement between countries to reduce barriers such as tariffs on imports/exports among them. It’s akin to having VIP passes that allow you to shop without paying entrance fees.

Mercantilism: An economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances. It's like a shopper believing that the more items they buy and sell, the richer they become.