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For sample size 16,the sampling distribution of the mean will be approximately normally distributed
Comparative Advantage
The ability of an entity to produce goods or services at a lower opportunity cost than others, enabling more efficient international trade.
Absolute Advantage
The ability of an individual, firm, or country to produce more of a good or service than competitors, using the same amount of resources.
Trade Flows
The movement of goods and services across international borders, influenced by tariffs, trade agreements, and global economic conditions.
Free
Pertaining to the availability of a good, service, or resource without the requirement of payment or exchange.
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