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Imports: Goods or service that are produced in another country and sold domestically.

Income tax: An assessment levied by government on the net income of individuals and businesses. 117

Industrial Revolution: The emergence of the factory system of production, in which workers were brought together in one plant and supplied with tools, machines, and materials with which they worked in return for wages. The Industrial Revolution was spearheaded by rapid changes in the manufacture of textiles, particularly in England about 1770 and 1830. More broadly, the term applies to continuing structural economic change in the world economy.

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