Examlex
Which of the following is true?
Absolute Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.
Productive Advantage
Occurs when a country, business, or individual produces a good or service at a lower opportunity cost than competitors, leading to more efficient production.
Comparative Advantage
The capacity of a person, business, or nation to create a product or offer a service with a lesser opportunity cost compared to its rivals.
Production
The process of creating goods and services through the combination of labor, materials, and technology.
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