Examlex
What determines whom we select as our governmental leaders and what policies these leaders pursue?
Imports
Goods and services brought into a country from abroad for sale.
Exports
Domestically produced goods and services sold in other countries.
Comparative Advantage
A theory in economics that suggests a country should specialize in producing and exporting goods in which it has a lower opportunity cost than its trading partners.
Absolute Advantage
The ability of an entity to produce a good or service more efficiently than its competitors when using the same amount of resources.
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