Examlex
Choose the one alternative that best completes the statement or answers the question.
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Absolute Advantage
The capacity of an entity to create a product or offer a service more effectively than its rivals, utilizing fewer resources.
Absolute Advantage
A country's ability to produce a certain good more efficiently than another country can.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than others, enabling trade and increased efficiency.
Trade Better Off
The idea that parties involved in voluntary trading are better off as they satisfy each other's needs or wants.
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