Examlex
What is the name of the following compound?
Comparative Advantage
An economic principle that states a country should produce and export goods and services for which it is relatively more efficient at producing than other countries.
Absolute Advantage
The ability of an entity to produce a good or offer a service more efficiently than its competitors, using fewer resources.
Trade
The action of buying and selling goods and services among parties, which can occur within a country (domestic) or between countries (international).
Tariff
A tax imposed on imported goods to increase their price, intended to protect domestic industries.
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