Understand what a free trade agreement is, how FTAs reduce trade barriers, and how trade creation and diversion are tested in economics exams.

Learn what a common market or common area is, how free movement of labour and capital works, and how it differs from a customs union in economics exams.

Understand what a customs union is, how a common external tariff works, and why customs unions differ from free trade agreements in economics exams.

Understand what a direct quote is in foreign exchange, how it reflects domestic currency depreciation or appreciation, and how CFA and FRM exams test quote interpretation.

Understand what an indirect quote is in foreign exchange, how it reflects domestic currency strength, and why perspective matters in CFA and FRM exam questions.

Understand what domestic currency means in FX, how it defines direct and indirect quotes, and why perspective matters in exchange rate interpretation.

Understand complementary goods, how price changes in one good shift demand for another, and why this concept matters in microeconomics and exams.

Learn what substitute goods are, how price changes shift demand, and why substitutes play a key role in consumer choice and market competition.

Understand movement along the demand curve, how price changes affect quantity demanded, and why it differs from a shift in demand.