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Perform the indicated operations. Simplify the answer.
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Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing between options.
Comparative Advantage
The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than others.
Trade Deficit
The economic condition that arises when a country imports more goods and services than it exports.
Unfair Trade Practices
Business activities deemed unjust, deceptive, or fraudulent that can affect fair competition in the market.
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