Examlex
Which of the following is a true statement?
Specialization
The process in which individuals or entities focus on a narrow area of expertise or production, leading to increased efficiency and productivity.
Absolute Advantage
Absolute advantage refers to the ability of a country, company, or individual to produce a good or service more efficiently than competitors, using the same amount of resources.
Trade
The trading of goods, services, or a combination of both among two or more entities, domestically or across borders.
Comparative Advantage
The capability of a person, business, or nation to manufacture a product or provide a service with a smaller opportunity cost compared to rivals.
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