Examlex
Who is credited with formulating the doctrine of uniformitarianism?
Law of Comparative Advantage
A principle that states that individuals, firms, regions, or nations can gain by specializing in the production of goods that they produce cheaply (at a low opportunity cost) and exchanging them for goods they cannot produce cheaply (at a high opportunity cost).
Labor-Intensive Commodities
Goods that require a higher proportion of labor in their production process compared to materials and capital.
Opportunity Cost
The value of the best alternative that must be forgone as a result of choosing a particular action or decision.
Law of Comparative Advantage
An economic principle stating that countries or individuals gain when they produce goods and services for which they have lower opportunity costs relative to others.
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