...concepts are anchored to basic human activities, economic ones included. Thus, what follows is a highlight of five economic concepts - opportunity cost, elasticity, comparative advantage, common resources, and public goods - integral to free trade as an (economic) activity not limited to nations but reaches far beyond to individual lives.
Free Trade and Five Economic Concepts
Basically, "free trade" can be seen as exchanging least value (i.e. money, cash, credit, etc) for optimum services or goods. That is, on an individual's level, a person wishing to wash and iron her pants, for example, is going to send her pants to a laundry rather than wash a pair of pants herself (Blinder... ECONOMIC...