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International Trade
The exchange of goods, services, and capital between countries and territories, playing a crucial role in the global economy by allowing for specialization and access to diverse products.
Absolute Advantage
The ability of an individual, company, or country to produce a good or service at a lower cost than competitors.
Opportunity Costs of War
The economic resources and benefits that are forgone by engaging in war, including the impact on trade, development, and the allocation of government spending.
International Trade
The international transfer of goods, services, and capital across national boundaries or regions.
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